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Technical Analysis of BTC/USD for March 8, 2022

Relevance up to 02:00 2022-03-09 UTC–5

Crypto Industry News:

Hive Blockchain (HIVE) has agreed to purchase new Intel chips as part of a deal that, according to the cryptocurrency miner, could increase the total hash of Bitcoin mining by up to 95% from 1.9 exahash per second (EH / s).

Hive said the original design maker (ODM) will introduce Intel chips (INTC) into the air-cooled Bitcoin mining system. The system is expected to be delivered within 12 months, starting in the second half of 2022. Intel’s energy-efficient and high-performance blockchain accelerator is expected to reduce our energy consumption compared to current ASIC miners.

At a semiconductor conference in February, Intel revealed the details of its first-generation mining chip, which has fallen short of its current rivals. However, we are talking about the second generation, which will be shipped to Hive, as well as the peers Griid, Argo Blockchain and Block (formerly Square) later this year.

Last month, Griid said Intel’s second-generation mining machine, Bonanza Miner 2, will be the second-most efficient on the market with a hashrate of 135 terahash / second (TH / s) with an electrical output of 26 joules / terahash (J / TH).

Hive, based in Vancouver, British Columbia, has also signed an agreement with Compute North to deploy 100 megawatt excavators at its Texas facility that runs on renewable energy.

Technical Market Outlook

The BTC/USD pair had been rejected from the technical resistance seen at $45,421 level as the bears are in control of the market. The target for them is located at the swing low seen at $32,806. The momentum is weak and negative, so even despite the extremely oversold mark et conditions on the H4 time frame the down move might continue for some time. The technical support levels are seen at $37,009, $36,190 and $35,546. The immediate technical resistance is seen at the level of $39,554. Only a clear and sustained breakout above the 38% Fibonacci retracement located around $46,674 level would change the outlook to bullish in the near time.

Weekly Pivot Points:

WR3 – $50,991

WR2 – $48,083

WR1 – $42,916

Weekly Pivot – $40,144

WS1 – $35,041

WS2 – $32,033

WS3 – $26,666

Trading Outlook:

The market still keeps trying to bounce after over the 60% retracement made since the ATH at the level of $68,998 was made. The level of $45,427 is the key technical resistance for bulls, but the game changing technical supply zone is seen between the levels of $52,033 – $52,899. When this zone is clearly broken, the BTC is back to the up trend, otherwise the bearish pressure might push down the BTC towards the level of $29,254.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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