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    Home » Crypto News » Still The Same Range, But Could Bitcoin Overcome $4000 Soon? – BTC Price Analysis Mar.10

    Still The Same Range, But Could Bitcoin Overcome $4000 Soon? – BTC Price Analysis Mar.10

    Author: Yuval Gov

    Last Updated Mar 10, 2019 @ 08:26

    Following the 2-day price gap from six days ago, Bitcoin is back on top the mid-term ascending trend-line (marked in orange on the 4-hour chart). The good news is that Bitcoin had finally broken up the $3850 mark, and quickly reached the next mentioned target of $3950.

    After completing the above, the coin had been rejected and turned around to re-test the $3850, as of now, to confirm the level as a support.

    The bottom line is that Bitcoin is currently facing the $3950 – $4050 resistance area from above, and $3850 support from below.

    Total Market Cap: $133.7 Billion

    BTC Dominance: 51.7%

    Looking at the 1-day & 4-hour charts

    – Support/Resistance: Bitcoin is moving up, sticking to the mid-term ascending trend-line. From above: strong resistance lies at $3950 – $4050 area. Breaking up will likely send Bitcoin to face the significant resistance of $4200.
    From below, the $3850 is now resistance turned support level. Breaking down and the next support level is the $3650 – $3700 zone along with the daily chart’s 50 and 100 moving average lines (marked in purple and white). Below lies the $3600 support level and the significant $3480 – $3500 support area.

    – The daily chart’s RSI level: Following our previous BTC analysis, we can see that the RSI indicator recently overcame the critical 56 levels. As of now, it looks like the 56 RSI is being re-tested to confirm the level as support. So far, this is a healthy correction as long as it stays above 56 RSI.

    – The daily trading volume: the volume is not significant over the past week. However, we do see more green candles popping up on the daily.

    – BitFinex open short positions: Following a double retest of the 17K support line, and consolidation around the fragile area between a17K and 19K, finally the short positions have returned to ‘normal’: The current number is 20.8K open short positions.

    BTC/USD BitStamp 4-Hour chart

    btc_mar10_4h-min

    BTC/USD BitStamp 1-Day chart

    btc_mar10_1d-min

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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