Bitcoin is trading in a range of $ 4,400 – $ 5,600. On March 16, the price has broken out from the resistance line, descending and rising ever since.

Highlights of Bitcoin price

  • Bitcoin is trading in the short term range of $ 4,400 – $ 5,600.
  • Price broke out of the descending resistance line.
  • Price is trading above the 50 hour moving average (MA).
  • BTC is in the process of completing a double bottom pattern.

Bitcoin breakout

As of March 13, the price of BTC traded in the range of $ 4,400 to $ 5,600. On March 16, the price broke out of the descending resistance line and clearly moved above the midpoint of the range.

Since then, the price has gradually increased but did not even reach the resistance of the range.

However, a breakout helps the price move above the 50-hour moving average (MA), which is the price currently used as support.

In addition, the 200-hour MA is close to the current price, providing an opportunity to form a golden cross within the hourly time frame if the price breaks out of this trading range.

bitcoin 1

Double bottom

Since the beginning of the range, the price appears to be in the process of completing a double bottom and incorporating a significant bullish divergence in the RSI. This shows that BTC will move upwards and potentially breakout the trading range, in line with the short-term view.

As long as the price trades above the midpoint of the range at $ 4,750, the double bottom pattern remains in effect.

READ  Bitcoin is about to form a historic "V-reversal" when the bulls cross $ 7K

bitcoin 2

Overall, BTC is trading in a range of $ 4,400 – $ 5,600. The price broke out of the short-term descending resistance line and created a double bottom, indicating the possibility of heading to the top of the high range and possibly breaking out.

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.

Minh Anh

According to Beincrypto

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