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Bitcoin Price Holding The Line

Bitcoin price remains within the narrow $7 range that has constrained trade during the past four days. Although price is currently declining, there is a strong support level nearby, in the form of the 200-period moving average.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Bitcoin Price Analysis

Time of analysis: 14h00 UTC

Bitfinex 1-Hour Chart

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From the analysis pages of xbt.social, earlier today:

Although price has been crisscrossing the 1-hour chart 20-period moving average (20MA, green), the past day’s upward price pattern appeared corrective. Being corrective (counter-trend) and having failed to make a new high, earlier (xbt.social) analysis proposed that price would eventually continue decline today. This has transpired, but the distance of decline remains is uncertain.

The declining wave has fallen short of the 200MA (red) in most charts, but in the Bitfinex chart, shown above, price had spiked down to the 200MA and then pulled back. The 200MA at $413 is the critical level below which confidence of continuing decline will strengthen.

Failure to breach the 200MA may result in a slow sideways grind below $420. So, in order to get some tradeable range, let’s hope the bears can take control, because the bulls have only managed lower highs for the past 3 weeks.

Summary

Bitcoin price had made a fourth lower high for March earlier today. The market is now trading price lower from over-bought indicator conditions but must get below the $413 (Bitfinex) level before decline can proceed.

Bitfinex Depth Chart and Buy/Sell Volume

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Click here for the CCN.LA interactive bitcoin-price chart.

What do readers think? Please comment below.

This analysis is provided by xbt.social with a 3-hour delay. Read the full analysis here. Not a member? Join now and receive a $29 discount using the code CCN29.

Readers can follow Bitcoin price analysis updates every day on CCN.LA. A Global Economic Outlook report is published every Monday.

Disclaimer

The writer trades Bitcoin. Trade and Investment is risky. CCN.LA accepts no liability for losses incurred as a result of anything written in this Bitcoin price analysis report.

Bitcoin price charts from TradingView.
Image from Shutterstock.

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