THELOGICALINDIAN - Bitcoin amount bankrupt the anniversary up 15 at 3789 admitting the blooming candle abutting the bears accept taken ascendancy in the aboriginal hours of Monday morning blame Bitcoin amount aback into the 3600 ambit We booty a attending at what this agency for the anniversary ahead
BITCOIN PRICE ANALYSIS: WEEKLY CHART
The account blueprint for bitcoin shows Bitcoin amount [coin_price] continuing to be bound aural the trading ambit of $4100 and $3200, with alone a few hours of trading $100 either side, for 15 weeks now.
For the bulls, there are almost positive signs in the account blueprint with bitcoin amount press college lows and authoritative an attack at college highs.
The MAC-d is additionally beyond bullish with its arresting line, and the histogram press a college aerial aftermost week. The mac-d itself is still beneath aught but is trending upwards.
Looking added at the Mac-d, not alone is the mac-d beyond bullish, but it has congenital a bifold bullish alteration beyond a 12 ages period. This is an abnormal event, which as alone occurred ahead in March 2024. The key affair traders will attending for is if the histogram can abide absolute over the abutting weeks.
The aboriginal bounce of the $3800 ambit on Monday would betoken that BTC amount will appetite to barter in this ambit for the abutting few canicule at least.
DAILY CHART
The circadian blueprint shows that there is a array of support, which lies below for Bitcoin. The 100 and 50 DMA angle at about the 61.8% retracement level, with the 78.6% comatose aloof aloft the $3500 handle, below which is the fast-rising 200-week affective average.
The Daily Mac-d is beyond bearish and implies that there is added downside to be expected. The CMF, which incorporates both amount and volume, shows that there is connected basal affairs pressure, but it has additionally been trending bottomward back mid-February.
Should Bitcoin amount acquisition abutment aboriginal in the anniversary and after barter aloft $3800 again, it would be a bullish assurance and could betoken the aperture would be reopened to re-testing $4200.
Overall there is a alloyed account for Bitcoin amount action:– lower timeframes advance downside accident lies ahead, but on a macro akin Bitcoin there are signs that Bitcoin does appetite to move college if the bears abort to breach 3k with confidence during March, which will be a analytical month.
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The angle and opinions of the biographer should not be misconstrued as banking advice. For disclosure, the biographer holds Bitcoin at the time of writing.
Images address of Tradingview.com, Shutterstock
