Highlights of Bitcoin price
- Bitcoin has broken out on the previous trading range.
- The price reached the Fib 0.618 level of the previous fall.
- Prices are trading in the ascending channel.
- The price has risen above the 200-week moving average (MA).
Breakout pvi flagship
BTC has been trading in a range of $ 4,400 to $ 5,600 since March 13. On March 19, prices began to rise and breakout of this trading range. After that, Bitcoin reached a high of $ 6,770 before falling slightly and creating the upper shadow.
The high completely coincides with Fib 0.618 of the entire previous decline, making the price likely to reverse.
From the start, prices seem to be trading within the ascending channel and are currently trading right at the resistance line of this channel.
There are some minor bearish divergences growing in the RSI and depending on the hourly closing of the current candle, Bitcoin could create a double peak at the resistance area of the channel.
Therefore, the expected change from here is to the support line.
Observing the weekly chart, the price has moved above the 200-week MA. Additionally, it is trading within the range of a strong weekly time frame of around $ 6,100 – 6,700.
Although a breakout above this range seems to be impossible, it is likely that the price will continue to trade within the range, which will also be consistent with the downward move towards the support line of the channel.
Overall, the BTC price has broken out of the previous range of $ 4,400 – $ 5,600. The price is following an ascending triangle and trading in a longer range of over $ 6,100 – 6,700.
Bitcoin is repeating the status of 2017
According to Ceteris Paribus, December 2017 was a very lucky time when Bitcoin price demonstrated such rapid growth. And we are witnessing it again today.
$ BTC gained 14.2% yesterday. Today, at $ 6,840, opened up 10.6%
The last time bitcoin had two straight daily closes> 10% was December 6-7, 2017.@MessariCrypto
– Ceteris Paribus (@ ceterispar1bus) March 20, 2020
“BTC increased by 14.2% yesterday. Today, at 6,840 dollars, increased by 10.6%
Last time BItcoin has closing level daily on two digits > 10% is on 6-7 / 12/2017”.
According to figures by Coingecko provided, during the period Ceteris Paribus mentioned, the price of BTC increased from 12,174 to $ 18,491 with an overall growth of more than 52%.
However, in order for the bull to reach this milestone, Bitcoin needs to close the daily candle above $ 6,802. At the time of writing, the price traded at $ 6,603 on major exchanges after hitting $ 7,100 in a 1-minute candle.
Does the cow have won?
It seems that the ‘halving’ mantra has been replaced by ‘disjointed’ when thinking about Bitcoin's mid-term price hike story. This means that BTC needs to end the correlation with major traditional assets (stocks, oil, metals, etc.) in order to start a strong move.
Bitcoin advocates see it as a hedge against market volatility, but it failed to test this time. In addition, some experts say No property is a safe haven during such a terrible storm.
You can see the price of Bitcoin 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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