Weekly Technical Analysis of Bitcoin Price March 9

After 6 days of small trading suffering, now the trading range has expanded to the bottom, which is a negative sign. Bitcoin has fallen below the twenty-day moving average (EMA) and is now located near the SMA of fifty days. The downtrend line is also at this level. The bearish downtrend line, which previously served as a heavy resistance, is now considered to be a hefty backing.

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After 6 days of small trading suffering, now the trading range has expanded to the bottom, which is a negative sign. Bitcoin has fallen below the twenty-day moving average (EMA) and is now located near the SMA of fifty days. The downtrend line is also at this level. The bearish downtrend line, which previously served as a heavy resistance, is now considered to be a hefty backing.

The drop in bat-kvine prices below $ 3,781 could offset the next support at $ 3,355, and failing that if it breaks down is not $ 3.236.

From a bullish perspective, if Bitcoin hits the current levels and reaches over $ 3,950, the price rise of $ 4,255 is not far off.