- Bitcoin buyers must target higher levels heading to $4,190 in order to end this month in gains above the critical $4,200.
- The failure to trend towards $4,190 could end up in a bear momentum trimming gains towards $3,700.
According to the short-term trend, BTC/USD has a higher target if it has to witness a significant rise before the end of March. In February, Bitcoin rose 10% in an event that saw it put an end to a six-month downtrend. In addition to that, the rally seen in February engulfed Bitcoin price action in January.
The 2-hour chart shows Bitcoin bearish action below the rising trendline. Moreover, there has been a slide below $4,000 amid building bearish momentum. The RSI 2-hour is sloping downwards while the MACD on in the same range is correcting lower from the weekly high at 22.21.
Bitcoin buyers must target higher levels heading to $4,190 in order to end this month in gains above the critical $4,200. The confluence detector tool places the initial resistance at $4,021.81. This zone is the only strong resistance zone Bitcoin must clear for a momentum upwards. Indicators here include the previous high 15-minutes, 5 SMA 15’, 61.8% Fib retracement level weekly, 10 SMA 15’, Bollinger Band 15’ middle, 5 SMA 1-hour, previous high 1-hour among others. A break past this level is expected to encounter subtle resistance at $4,063.42, $4,105.03, $4,188.25 and $4,229.86.
On the flip side, failure to trend towards $4,190 could end up in a bear momentum trimming gains towards $3,700. But first, there will be support at $3.980: Bollinger Band 4-hour middle, 100 SMA 1-hour, 61.8% Fib level daily, 5 SMA daily, 38.2% Fib level weekly among others. Additional support will be found at $3,896.97, $3,813.75 and $3,688.92.
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