In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for 28th March 2024. 

Key Takeaways 

• Upcoming April Halving: In April, Bitcoin is expected to undergo another halving event. Historically, after each halving, the price of Bitcoin has seen a significant increase. The market anticipates that this halving could also lead to a price rise, as the event will reduce the supply of new Bitcoins, potentially driving up the price. 
• Investor Sentiment: It is the fear of missing out on the bull market that follows each halving that currently has investors concerned about not being left behind. If some investors choose to take profits, those on the sidelines may opt to enter the market at a more favorable position. However, due to high volatility, it is still necessary to pay attention to position risk. 

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator:The indicator began to rise after issuing a bullish signal below the 50 midpoint line, suggesting a warming of Bitcoin prices and bullish starting to increase their bets on a price increase. 
• Support Level: After two consecutive days of decline, the Bitcoin price approached the red 7-day moving average, which is also an area where the previous bullish and bearish price levels changed hands. Pay attention to the possibility of the market price encountering resistance and rising. 

1-hour Chart Analysis 

• Stochastic Oscillator:The indicator issued a bullish signal from the oversold area, and the price is currently rising slightly in the Asian market, suggesting that the short-term bullish investors are in control. 
• Black 33-period moving average: The Bitcoin price rebounded but was blocked by the black 33-period moving average, which is also near the previous uptrend line. If the market price can effectively rise above this resistance line, the intraday outlook will be towards yesterday’s high; otherwise, the Bitcoin price will continue to adjust downwards. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 68450, 
• Bullish Scenario: Bullish sentiment prevails above 68450, first target 71480, second target 72380; 
• Bearish Outlook: In a bearish scenario below 68450, first target 66940, second target 66040. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.