Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000

Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000
фото показано с : nulltx.com

2019-3-11 12:51

BTC has breached its range bound behavior to the southwards New support and Resistance levels expected to be defined at $3990 ( resistance) and $3950 (support). Bearish Trend expected in the short term.

The last 24 hours has seen Bitcoin stay below $4000. The crypto was trading in a range bound behavior in a market that seemed to lack any momentum. Support was at $3974 and resistance levels seemed to be at the $4000 mark.

This period started with three black crows candlestick formation that brought the price below $4000. This seemed to seal the fate of BTC, at least in the short term as it has struggled to rise above $4000. Sideways trading has dominated the market since then. Later in the last few hours, the bulls tried to rally the price past to $4000, which was achieved temporarily before a bearish engulfing brought the price tumbling right back down.

The Moving Averages seemed intertwined in the last few hours. The RSI has been oscillating within the 40-60 range seemingly signifying that the market lacks any strength for a rally.

Bitcoin Price Forecast

Moving forward, the RSI seems pointed towards 30. The 21 day MA also seems to be gaining strength and crossing over the 7 day MA. This signals that we should expect a further dip in price and the market can expect lower lows in the short term.

Resistance levels can be placed at $4000 as new support levels are defined. We expect the new support levels to be placed at $3950 with resistance at $3990.

Traders can take a short position once the price pulls back from the resistance region ($3990-$4000).Traders can  go long if the price bounces back from the envisaged support levels ($3950).

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

The post Bitcoin Price Analysis: Sideways Trading Broken as BTC Defines Lows Below $4000 appeared first on NullTX.

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4000 below btc trading bitcoin behavior bound

Источник: nulltx.com

4000 below → Результатов: 36


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