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Technician's Take by Damanick Dantes: Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K
Other Markets News: Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift

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TECHNICIAN'S TAKE by DAMANICK DANTES

Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K

The short-term uptrend for bitcoin (BTC) is improving, with next resistance at the March all-time-high around $61,000. Traders continue to experience choppy price action on intraday charts, but buyers remained active at trend support around $56,000.

Four-hour BTC price chart shows an uptrend with resistance at all-time-high (Source: TradingView)

Bitcoin is currently battling resistance from its February price high around $58,000 while lower support levels continue to attract buyers.
The month-long uptrend from $43,000 remains intact, although longer-term signals are weakening.
Momentum on the daily chart continues to diverge from price, defined by lower highs on the relative strength index (RSI).

--Damanick Dantes

Read the original story here:

Bitcoin Maintains Trend Support at $56K, All-Time-High Within Reach Around $61K

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OTHER MARKETS NEWS

Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift

Traders are getting used to bitcoin (BTC) buying that is concentrated during European hours, with North America lagging behind, and Asia inviting more sellers. And yesterday’s Asia trading session was no exception.

“Overnight, the Bank of Japan announced that they would reduce asset purchases in a move that signaled marginal tightening of policy. By the time European markets opened, they digested this news and immediately went into defensive move…[which also] put a damper on the strong price action in BTC,” wrote Chad Steinglass, head of trading at CrossTower, a digital asset trading firm.

Chart shows BTC performance by Asian, European and North American sessions (Source: Enigma Securities)

The BoJ is considering ditching its 6 trillion yen purchase target of buying exchange traded funds (ETFs), as reported by Bloomberg. The ETF purchase program is expected to only be used in times of market turmoil, which could be interpreted as marginal tightening.
And the quick risk-off reaction to the BoJ news during Asian and European hours is not unusual.
"It's not uncommon for Europeans to be more skittish than others. Since Lunar New Year, Asian markets have been relatively weak," Steinglass told CoinDesk in a phone interview.
"Crypto will trade with risk [assets] intraday. Over the last few weeks, bitcoin has been affected by rocky markets, but has been resilient, which is encouraging."

The recent bounce above $58K is consistent with rising price floors in BTC as the long-term trend remains intact. “Every time we break into a new range, old resistance becomes support – consistently over the last several months,” said Steinglass.

--Damanick Dantes

Original story found here:

Bitcoin Tends to Weaken During Asian Trading, Especially After Bank of Japan Policy Shift

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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.

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