On March 5, the Bitcoin price began to rise rapidly and rise above the resistance of the trading range. This movement created a golden cross on the hourly chart. The price is currently trading in the next resistance area, at $ 9,120.
Highlights of BTC price
- BTC price has broken out of the previous trading range.
- There are resistances of $ 9,150 and $ 9,450.
- There is support of $ 8,975.
- Create a model that looks like the head and shoulders.
- The daily and hourly RSI is decreasing.
On March 5, Bitcoin created a bullish candle engulfing and rebounding from the middle of the range.
This pushes the price to move above both the MA 50 and 200 hours, creating bullish cross. The price continues rising until it reaches the resistance zone at $ 9,150. But BTC created a model that looks like head and shoulders, though the neckline is not clear.
Therefore, price movements are expected to retest the breakout level combined with the MA 50 hours, before continuing to move up.
This short-term downside is supported by the hourly RSI, creating some bearish divergences and completing a swing top failure.
Therefore, the next price can drop to the support zone at $ 8,975.
In the long term, the price is completing the ‘wave B’. The forecast area is the end of this wave found between the Fib 0.5-0.618 levels created from the previous decline, more specifically between $ 9,250-9,400. The previous support zone of $ 9,600 will act as the upper limit.
The view supported by the daily RSI is approaching the 50 line from below and has almost reached it. Rejecting the RSI along with declining resistance will mark the end of the pattern.
In conclusion, Bitcoin price has started to move up and breakout of the trading range. It is likely that after a brief pullback, this move will continue until about $ 9,400 to test the resistance.
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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