On 3rd and of March, UNI price created a double top market formation. Traders can take a buy position upon confirmation for possible target of $46,488.44. This will launch the underlying asset to the upside. ![]() If the bulls gain broader market support, YFI could possibly break $36,848.78 resistance. Key zone to watch out for on the day ahead will be a $36,170.12 neckline of the cup and handle pattern and also a support of $36,848.78. This rejections wicks at press time are sign of buy back of the crypto asset. We also notice the weakness of the bears at this level as the buying pressure prevented further dip of YFI price despite the several wicks that were created on the intraday low of $36,170.12. Taking a look at the 4-hour chart, we could see $36,778.43 handle have been created. The pull-back from a high of $42,055.20 was meant create a market structure of cup and handle pattern. A climb in demand in institutional investment inflows and increasing Open Interest can also be expected to have a positive impact on the BTC price. Bitcoin futures contract are close to Options expiration, volatility can be anticipated to increase. ![]() However, while BTC’s price performance worth noting, what might have been missed is the fact that the 1-day moving average for Bitcoin’s amount of supply in the past two to three years fell to a 14-month low of 1.9 million. The bulls gained momentum and pushed BTC price to $57,377.52 at the close of the daily session. Yesterday, following a massive recovery from the drop below the $53055.28 level, Bitcoin made a retracement to hit $54234.57 on a minor resistance on the 4-hour chart. BTC price spiked to the upper part of bullish channel at an intraday high of $57377.52 at the close of the trading session. ZB Market Daily: BTC, YFI & UNI technical daily analysisīTC price extended its rally on Wednesday by 7.38%, following on Tuesday’s gain of 2.87%.
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