Weekly Technical Analysis of Bitcoin Price March 16

As we write this analysis, Bitcoin managed to distance himself from the twenty-day moving average (EMA) and cross the psychological resistance of $ 4,000. Both moving average lines are on the rise, indicating that the number of buyers is higher than the vendors. We expect Bitcoin to be able to raise itself up to a resistance line of $ 4,255. The $ 4,255 resistance is extremely powerful and if broken, a two-ply pattern will be completed, in which case the next target could be $ 5,273.

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As we write this analysis, Bitcoin managed to distance himself from the twenty-day moving average (EMA) and cross the psychological resistance of $ 4,000. Both moving average lines are on the rise, indicating that the number of buyers is higher than the vendors. We expect Bitcoin to be able to raise itself up to a resistance line of $ 4,255. The $ 4,255 resistance is extremely powerful and if broken, a two-ply pattern will be completed, in which case the next target could be $ 5,273.

From a downside, if the king of digital currencies returns to the back of the $ 4,000 range and goes down below the uptrend line as well as the 50-day moving average (MA), it indicates a lack of willingness to buy at higher levels. .

From our downside view, our critical levels are $ 3,355 to $ 3,236. Reaching prices below these levels would be a very negative sign. If the bitcoin price falls below $ 3,355, the downtrend will probably continue to be $ 3,236.​