We can see the first signs of long-awaited spring through the windows, but what are the charts telling us? Should we expect growth in the first days of March? Let us take a look at what is happening in the market.
On March 4, on the hourly timeframe, the Bitcoin price went down to $3,760, whereupon it returned to $3,970 – $3,920 range, where it stayed for the whole of last week.
Therefore, it is still too early to talk about spring growth.
EMA50 moving average has just crossed EMA100 bottom-up, which can form a positive buy signal, but it is still too early to talk about it as well, since the both moving averages are keeping almost at the same level (EMA50 at $3,883, EMA100 at $3,880). The both moving averages are below the price and will act as support.
MACD indicator is in the positive area, but it is showing the signs of decline.
On the 4-hour timeframe, the buy signal is there, but it remains rather weak.
The first target in the upward movement is $3,990 – $4,090 range, which, if successfully overcome, will open the way to $4,200 and further to $4,400.
Attempts to descend will be kept in check by support levels $3,866 (EMA100), $3,760 and $3,600, the risk of decline to which still remains.
There is no clear picture on the daily timeframe, as the price is still squeezed within the $4,400 – $3,215 range.MACD indicator is in the positive area, but it is turning downwards.
ЕМА100 moving average coincides with 4,400$ resistance level and is tending downwards.
Despite the arrival of spring, there is yet no clear signal of Bitcoin growth. Trading from support and resistance levels can bring a small profit, but the price step is still small. Special care should be exercised in trading, especially since Bitcoin has left the ascending channel and made an attempt to return to $3,600 price.