[ad_1]
After reaching the $ 4,000 price for days, the Bitcoin price surpbaded the $ 4,000 mark for the first time in March. Let's take a closer look at price action to see if there is any indication that this time the price level can be maintained.
DAILY TABLE
The Bitcoin daily price chart clearly shows that the price of Bitcoin 00 is on track with its fourth attempt to break $ 4k since the lows of December 2018. The market position remains that of a bottom model with Adam and Eve and a reverse head and shoulders in the Eve Cup.
If these traditional mapping models materialize, this would involve switching to a $ 5,000 bitcoin price. However, the volume remains low and this model of several months takes its time to disappear.
The MACD is bullish cross with its signal line and remains in bullish territory, but is generally fairly flat, which is also the case with volume.
TABLE OF 4 HOURS
The 4-hour chart shows that despite the daily close above $ 4,000, the previous resistance of $ 4040 last week remains a problem for the bulls. The task at hand is to confirm the movement and transform the previous resistance of $ 4,000 into support.
If that happens and the BTC starts challenging $ 4,200 to break the annual highs, new buyers could start to enter the market. It could also scare off traders looking to retreat.
The MACD at the time of writing shows that buyers are starting to look a little tired and that important buyers have not intervened at the beginning of the EU session.
Looking back at the order book, we can see that sizeable sell orders remain in reserve, acting as a barrier to liquidity removing the BTC price, which buyers must overcome. It seems that buyers are starting to fulfill their orders at $ 4,000, which will be necessary to keep prices at these levels.
Do not do it in a low volume will mean that the bears will intervene and will lower the market to recheck the lows of last week, set at 3,850 USD.
WEEKLY TABLE
The weekly chart shows that bitcoin is in its fifth consecutive weekly green light and is notably halfway to the 20-week moving average (WMA), which is the center of the Bollinger Bands. This would be important because he has already acted as a resistance.
The upper band of the Bollinger bands, which corresponds to two standard deviations from the median line, makes it possible to confuse the objectives mentioned in the order of US $ 5,000 for the bitcoin price. Considering that a failure involves a downside risk of around $ 2500. But that would mean that bears would need to break the 200 WMA, which has held up to every request up to now.
In summary, the price of bitcoin continues to climb but continues to threaten more movement. With 10 days remaining in March and the price being reimposed to $ 4,000, it is likely that the next decision will be final with respect to the determination of stock prices for the coming weeks.
However, the market remains in bearish territory, which should not be neglected. Higher highs over several periods will be the first step in a change of trend. But until then, despite the good news on low deadlines, the macroeconomic view of the price of bitcoin remains bearish until proven otherwise.
Trade Bitcoins (BTC), Litecoins (LTC) and other encrypted currencies on the online trading platform Bitcoin forex evolve.markets.
To receive updates from the author, you can follow on Twitter (@filbfilb) and TradingView.
The views and opinions of the author should not be construed as financial advice. For disclosure, the author holds Bitcoin at the time of writing.
Images courtesy of Shutterstock, Tradingview.com
[ad_2]
Source link
