For Bitcoin to change the trend to bullish and confirm a positive price reversal, you need another $ 200 to the current rate. This was told by the analyst Omkar Godbole on the CoinDesk website.
Analyst Omkar Godbole is sure that in orderOrder
– automatic application to buy or sell cryptocurrency. Orders are used during trading on the stock exchange to open and close a position. Details to reverse the trend, the Bitcoin price should approach the mark of 4,190 dollars before the last tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details session on March 31st. Digital gold jumped nearly 10 percent last month and created the so-called “bullish candlestick” to confirm which requires the same increase in March.
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Bitcoin price reversal – bullish trend
To confirm a possible price reversal, Bitcoin should add another $ 200 by the end of March. Then the maximum of the February candlestick will be reached, and the “Bullish Engulfing” pattern will be confirmed.
According to Godbole, if the trend is maintained, Bitcoin can grow to $ 5,000 a coin this spring. Unfortunately, the probability of a sharp rise in prices in the last days of March is critically low. The prospect of a bullish closing of the last trading session of the month fell sharply, given the weighted average rate over the past 30 days.
The “Bullish Engulfing” pattern can be realized if Bitcoin recovers fully after falling last year. At least a temporary weakening of the sellers (bears) can lead to the expected result. If expectations are translated into reality, digital gold will overcome the psychological limit and approach the $ 5,000 mark.
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Godbole also spoke about the main obstacles in the path of Bitcoin. The 21-week moving average (MA indicator) is still rather low. A 30-day moving is held at the level of 3900 dollars. If it falls over the weekend, we can expect a sharp decrease in the cost. At the same time, the weekly moving average (MA) broke above the previous level and amounts to $ 3,920 on the daily chart. Thus, the daily moving retracted past bearish candlesticks.
Recall that the term “moving average” is one of the frequency filters in technical analytics, which includes low-frequency activity (constant trend line, cycle). At the same time, the moving average does not consider high-frequency volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details, assuming its random fluctuation.
Bitcoin analytics showed that you need another $ 200 to confirm the price reversal. According to Godbole, if Bitcoin does not add another $ 200, but will be able to break through the mark of 4055 (in the weighted average course), this indicates the development of the Bull Flag. The flag in turn signals that the “Bullish Engulfing” is still developing and will soon take effect.
As Cryptorbit Media already wrote, it’s unclear whether Bitcoin will ever be able to return to the $ 20,000 mark.
Editor: Godfrid Brower