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As the weekly Bitcoin Prize candle approaches the end of the week, we look at how the week's performance has changed for the last week of March.
Bitcoin price: TABLE OF 4 HOURS
Looking at the 4 hour chart, we can see that the price in bitcoin has spent the past few days swinging around the weekly opening price of $ 3,965, with the bears continually attacking that level.
The MACD crossed the zero line after becoming bearish since the weekly highs at over $ 4056 up to $ 3920, which combined with a downwardly general MACD suggests bears have control Sunday night. the bulls proved that they were defending the weekly candle during the last two weeks.
If the bears want to set the weekly candle, the lowest target of $ 3920 mid-week will be the target, while the bulls will want to close above the $ 3965 opening.
TABLE 1 DAY
A look at the chart in a day shows that the price in bitcoins shows signs of struggle to complement the clbadic graphical patterns of Adam and Eve and Reverse, which would imply an upward target between 4 $ 800 and $ 5,200.
Missed movements usually result in fast movements. Thus, if BTC fails to test the $ 4,000 and loses the weekly lows, the DMA 50 and 100 at $ 3,780 and $ 3,730 respectively will be the first line of defense for the bulls. These levels have served as support since mid-February, when they moved from resistance to support.
WEEKLY TABLE
With only a few hours left, the weekly chart shows that the price of bitcoin is still limited by the median line of the Bollinger Bands, which is the 20-week moving average.
If BTC manages to maintain the $ 3900 average, Bitcoin will open the last week of March above the 20 WMA, it will be for the first time in 2019. It is clear that a more definitive move is about to happen. 200 WMA and 20 WMA are clearly defined on the map.
The weekly MACD will print a fifth green bar on the histogram and will continue to increase, but much more needs to be done before crossing its zero line and finding itself in bullish territory.
BITCOIN SENTIMENT
As far as the Bitcoin market is concerned, it can be seen that Bitmex's Bitcoin September futures are currently trading at around $ 40 less than the spot price, which means that the market is expecting a drop in prices. price of the BTC.
This of course represents an opportunity for bulls who believe the opposite is true. They will be able to recover bitcoins at a reduced rate. But that would go against market expectations and the discount is predictable in a bear market environment.
The Long / Short ratio at Bitfinex has risen higher compared to the futures movement. It now stands at 1.18, which leaves room for higher maneuvering to reach a peak of about 1.5 in the event of an upward recovery.
The total open interest of long and short positions in Bitfinex has fallen to 44,000 BTC, almost double that of December 2019. This means that speculators are waiting for the big move to begin before taking all the risks on the market. market, which reinforces the idea that the next move will be lively.
Overall, the price of bitcoin remains stuck in a bear market and is progressing well. But the bulls must take control of the market during the last week of March, while the 20-week moving average continues to drive down the price.
Trade Bitcoins (BTC), Litecoins (LTC) and other encrypted currencies on the online trading platform Bitcoin forex evolve.markets.
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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
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