Over the past week, the main cryptocurrency’s price reached $3,984, after which it fell again.
Let us have a look at the charts to figure out what we can expect this week.The market is moving towards the goals that we defined in our previous review: the range between $ 3,990 and 4,090.
On the 1-hour timeframe, the Bitcoin price moves in the ascending channel. On March 9, there was a false break-down of this channel, which made many market participants get panicky. However, the panic was short-lived, for the price recovered just as quickly. The current target for the ascending trend is to overcome the resistance level at $4,080.
The moving averages are under the price. The EMA50 provides slight support at the $3,990 level; the EMA100 offers a stronger support at the $3,960 level. The EMA50 crossed the EMA100 from bottom to top and retains the buy signal. However, the signal is rather weak, so we would not recommend to count on it. The MACD indicator is in the positive zone.
On the 4-hour timeframe the buy signal is still relevant with the targets of $4,080 and $4,200. The price moves in the ascending channel, but the trading volatility is rather low, making intraday trading practically impossible, although our strategy does not involve intraday trading, anyway. However, it is a very a good idea to work towards your targets!
The moving averages are under the price and looking up. The EMA100 at the $3,900 level acts as a local support, which will contain a potential decline. The MACD indicator is in the buy zone.
On the day chart, the price is squeezed between the moving averages (EMA50 – $3,870 and EMA100 – $4,335), which act as support and resistance levels, respectively. The narrowing of the moving averages and the EMA50 attempt to rise to the EMA100 may be a positive signal. But we can regard it as a strong signal only after the EMA50 crosses the EMA100 from the bottom up. The targets for the ascending movement are plotted on the chart and is clearly observed on the screenshot.
Binance’s scheduled upgrade: be careful!
Today, the Binance Cryptocurrency Exchange has announced a technical upgrade scheduled for March 12. The technical work start is scheduled for 05:00 Moscow time and will last for 8 hours. During the above time period, Binance will suspend funds deposit and withdrawal operations as well as trading. Deposits sent after the upgrade start will be credited after its completion. During the previous upgrade, many altcoins lost value, so it is recommended to check the stop orders.
So, what can we expect from this week? There is still a downward risk, evidenced by the market’s low volatility and a lack of upward momentum. At the same time, the price is perfectly picked up from the support levels and it moves up slowly, which allows to place pending orders.
We wish all of you good profits!