Will This Pivot Hold Or Collapse?
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Bitcoin (BTC) is still at a critical moment, with high annual pivot levels. In his latest market analysis, experienced cryptocurrency trader Josh Olszewicz video Analysis, highlighting the importance of RSI differences, volume trends and candlestick formation.
As BTC has been under tremendous downward pressure over the past few weeks, Olszewicz checks whether the market has reached the seller’s fatigue point or whether there is a possibility of further shortcomings.
Is Bitcoin bottom?
The key observation in Olszewicz analysis is the bullish difference between RSI and volume, a pattern that historically demonstrates a potential trend reversal. He noted: “BTC is temporarily on the annual pivot, and it’s held here at OG Pitchfork, and we do show bullish divergences on both RSI and Volume. We have lower prices and lower volume RSIs.”
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This setting reflects similar conditions observed in August and September, with Bitcoin’s price relatively low, but the RSI lows are significantly higher. While this is not guaranteed an imminent reversal, Olszewicz notes that it increases the likelihood of potential upward movement, especially if further confirmation occurs.
From the candlestick perspective, Bitcoin’s price action shows early signs of potential stability. Olszewicz emphasized Dragonfly breast Formation, especially combined with bullish swallowing candles, is often an indication of seller exhaustion and trend reversal.
“What I hope to see on many charts is what we’ve seen every day – the Green Dragonfly Candlestick. It’s a small body with a small wick that shows a clear rejection of the lower price. If confirmed, this could be an early bottom signal.”
However, he warned that while these patterns can indicate changes in market sentiment, they are not foolproof and require additional confirmation from price structure and momentum indicators. And, Orcivic additional By X: “BTC IHS brew? To be too early to call it sure, but we have a trap at the bottom of a multi-week here. Will be consistent with the potential kumo breakout in Q2 and retested. Something that can be monitored throughout March, the new LL might negate that possibility.”
Olszewicz advises traders to maintain discipline and avoid over-hardening positions in turbulent conditions. He stressed the importance of maintaining a consistent trade-sized strategy and avoiding emotional decision-making. “You don’t have to go all out. You don’t have to take revenge on the trade. Confidence drops in times of chaos, and this is when most people make mistakes.”
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He also warned that blind dollar costs average assets just because they seem to be discounted: “Just because there is 80% of things down by 80%, it doesn’t mean it’s purchased automatically. Technology today may look great, but that doesn’t mean it won’t continue to decline. That’s why risk management is key.”
And more extensive Macroeconomic landscape Still uncertain – Continue Tariff issues Bitcoin’s technical positioning suggests that potential relief rally may occur in the coming months.
March and April may be critical times for Bitcoin, and a clearer trend may develop in this case, Olszewicz suggests. However, he reiterated that for the moment, traders should focus on high probability settings rather than speculative drama. “If BTC can stabilize here and retract key levels, then it can be reverted to a stronger one to Q2 reinforcement. But it’s too early. For now, the best strategy may just wait for a high confidence setting.”
At press time, BTC traded at $81,599.
Featured Images created with dall.e, Charts for TradingView.com
