For the week of March 16-23, the Bitcoin price rebounded and corrected some of the losses from the previous week. However, shortly after reaching a high of $ 6,900, the price fell and closed near $ 5,800.
Highlights of Bitcoin price
- Bitcoin closed weekly on the 200-week moving average (MA).
- Price may follow the ascending support line.
- There are resistances at $ 6,100 and $ 6,750.
- There is support at $ 5,200 and $ 4,200.
Bitcoin closed weekly at $ 5,813, higher than the MA 200 of the week at $ 5,500. The price has risen above this MA twice between December 2018 and January 2019. BTC has never reached a weekly close below this MA, except for the slightly lower case last week.
In addition, following the previously mentioned troughs which also rose above the MA, Bitcoin may be following the third confirmed confirmed support line.
Although the weekly price increased significantly last week, it was rejected by both the resistance at $ 6,100 and $ 6,750.
Therefore, the expected move from here will be to retest the support of $ 5,200 or even lower support at $ 4,200.
Daily prospects also follow this possibility. Although the price has regained some of the major losses on March 12, it still could not begin to increase significantly. The price was strongly denied at Fib 0.618 and declined thereafter.
Bitcoin is currently trading between daily critical levels of 5,600 – 6,600 dollars.
On the hourly chart, the price has dipped below $ 5,900 that played a supporting role and confirmed it as a resistance. From here, Bitcoin is expected to go down to the previously mentioned support levels near the low and mid areas of $ 5,000.
In general, BTC prices closed weekly above the 200-week MA. However, it is unable to reclaim important resistances over the long time frame and is expected to retreat to stronger support levels in the short term.
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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