Bitcoin Analysis for 2020-03-16 [Premium Analysis]

Bitcoin Analysis for 2020-03-16 [Premium Analysis]
фото показано с : beincrypto.com

2020-3-16 13:07

Over the week of March 8-15, the Bitcoin price fluctuated wildly, reaching a high of $8,245 and a low of $4,000. The closing prices were 32% lower than the opening. The price reached a weekly close right at its 200-week moving average.

Bitcoin (BTC) Price Highlights The Bitcoin price has reached a close below its 200-week moving average (MA). It is possibly trading in a range between $4,200-$6,000. The retracement has been weak. There is long-term support at $3,300. Bitcoin’s 200-Week MA

The BTC price decreased rapidly over the past week, breaking down below significant support areas without experiencing any type of bounce. The weekly close was only slightly below the 200-week MA, even if the price has decreased below it since.

It seems likely that the price is now trading in a range between $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 that it will move towards the bottom of the range unless it reclaims the EQ.

If the current support fails, the next support area is found near $3,300, coinciding with the December 2018 bottom.

Fibonacci Levels

Looking at the Fib retracement levels on the decrease beginning on March 9, we can see that the recent bounce did not have considerable strength since it was twice rejected at the 0.382 Fib level of the decrease and failed to move above it.

This sign also aligns with the price decrease below the middle of the range and suggests that BTC will revisit the $4,000 lows once more.

The generation of bullish divergence in the RSI and the possible creation of bullish patterns such as the double-bottom will determine whether the price will make another attempt towards $6,000 or break down and head towards the next support area at $3,300.

To conclude, the BTC price has decreased rapidly over the past week, breaking down below significant support levels. The price is expected to move towards the range low at $4,200 before possibly making another attempt at breaking out above $6,000.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Analysis for 2020-03-16 [Premium Analysis] appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 67294.58 (+0.25%)
Объем 24H $24.36b
Изменеия 24h: 1.40 %, 7d: 10.64 %
Cегодня L: $66739 - H: $67294.58
Капитализация $1325.7b Rank 1
Цена в час новости $ 4644.91 (1348.78%)

bitcoin price analysis reached opening lower weekly

Источник: beincrypto.com

bitcoin price → Результатов: 126


Bitcoin Price Trajectory: Is a Major Shift Looming? Expert Highlights These Key BTC Trends

Bitcoin, the world’s largest cryptocurrency, finds itself in a precarious position as it approaches the weekly closure, threatening to register its fourth consecutive red candle. This rare occurrence has sparked concerns within the crypto community, prompting experts like Sjuul of AltCryptoGems to analyze Bitcoin’s price action on higher timeframes.

2024-4-28 19:30


Bitcoin (BTC) price prediction after breaching $72k

Bitcoin price forecast points to a possible $82,000. Ten days remain to the much anticipated Bitcoin halving event. Kangamoon, a new meme coin, has raised over $4M in its ongoing presale taking advantage of the crypto hype created by Bitcoin’s price surge Bitcoin (BTC) has been making significant waves in the cryptocurrency market, with its […] The post Bitcoin (BTC) price prediction after breaching $72k appeared first on CoinJournal.

2024-4-8 15:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru