During the week of March 8-15, Bitcoin's price fluctuated sharply, reaching a high of $ 8,245 and a low of $ 4,000. The price closed 32% lower than it opened and closed weekly at the 200-week moving average.
Highlights of Bitcoin price
- Bitcoin has closed below the 200-week moving average (MA).
- Prices can trade in the range of $ 4,200 to $ 6,000.
- The regression move was weak.
- There is long-term support at $ 3,300.
MA 200 weeks of Bitcoin
The price of BTC fell sharply last week and breakdown key support areas without a single gain. The weekly close is only slightly below the 200-week MA, even if the price has dropped below that.
It looks like the price is currently trading in the range of $ 4,200 – 6,000, with the $ 5,100 area acting as the midpoint (EQ) of the range. The price is currently below this level, so it is expected to move to the bottom of the range unless retrieving the EQ.
If the current support fails, the next support area is found near $ 3,300, which coincides with the December 2018 bottom.
Observing the Fib levels in the decline process started on March 9, we can see that the recent uptrend has no significant strength because it has been rejected twice at Fib decreased by 0.382 and failed to surpass. .
This sign is also consistent with the price move below the mid-range of the range and suggests that BTC will reconsider the low of $ 4,000 again.
Creating a bullish divergence in the RSI and bullish patterns such as the double bottom will determine whether the price is heading to $ 6,000 or a breakdown and slamming into the next support area at $ 3,300.
Overall, BTC prices have fallen sharply over the past week, breaking below key support levels. The price is expected to move to a low range at $ 4,200 before another attempt can be made to breakout above $ 6,000.
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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