PRESS RELEASE: Bitcoin’s $3650 – $4200 ‘Game’ Continues. A Sharp Move is Expected

For over a week, Bitcoin is on a consolidation; moving side-ways with choppy price bars. BTC price is currently trading at $3700 level; a bearish move seems to play out.

BTC/USD Long-term (1D chart)

Key

Levels:

Resistance levels: $4200, $4400, $5000;

Support levels: $3650, $3400, $3150;

Following early 2018 drop , BTC has remained in a long-term bearish trend. Up till this moment, the coin is yet to recover from the crash, trending below the trend line: a pennant resistance line which holds price rejection level for the bidders.

BTC-USD 1D- March 4

Looking

choppy, a big move is expected to play out at either ways, taking the

market to the next wave – uncertainty for traders. The daily MACD

drives sideways, suggesting an indecisive market.

As

of now, a possible swing low is likely to send price to the bottom of

$3650, where the important 50-days moving average line (purple) lies.

However, a climb would see $4200 tough resistance, testing the trend

line before bouncing back low. If the price sustains $4200 and

breaks-up, a green momentum is signaled for BTC. For now, the bear

zone is strong.

BTC/USD Medium -term (4H chart)

After the February incline to $4200, Bitcoin saw an enormous sell; flagging bearish on the medium-term perspective as trading remains below the important 50-days moving average line (purple), and crossing down the trend line – a double signal for a potential decline.

BTC-USD 4H- March 4

While

consolidating, a short trade is currently playing out on a slow move.

The closest key support is at $3550. This could be another bearish

manipulation in disguise. As revealed by the 4-hours MACD, BTC is at

the negative zone.

However, a rise from the consolidation area is likely to retest the $3900 resistance level. If the supply area failed to defend position strongly, the buyers will take the price higher to the next resistance level at $4200. At the mentioned resistance, another bull-run might be experienced. A bullish signal is not visible at the moment.

Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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