Bitcoin Price Analysis: Bulls Rush to $4000

March 6, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

Bitcoin rose 5% to $3,877 yesterday, it was a signal that the bulls could return course of BTC to reach $4,000 again. Let’s see if they can maintain a positive momentum.

Looking at the daily chart, Bitcoin seems to have found support on the daily moving average of 50 and 100, with a single candle marked at $3,791. Now the bulls will strive to muster their strength and set support above $4,000.

Daily MAC-D is still in a trend above zero and is going to become bullish, while the stochastic RSI has already crossed the bullish mark, which means a possible push upwards.

The 200-day moving average is rapidly dropping from $5,000 and is likely to act as resistance.

The four-hour chart shows that Bitcoin set the weekly minimum to $3,672, which corresponds to a 61.8% recovery when Bitcoin went out of the $3,300 range and re-tested $4,000.

The MAC-D crossed zero, indicating that the bulls are running out of momentum, which is also displayed in the stochastic RSI.

It is likely that repeated testing of the weekly opening at $3,790 will be required, and if support is found, the next target for the bulls will be to overcome last week’s highs at $3,900.

If you look at the 30-minute chart, then on Tuesday the Fibonacci extension at 1.618 gives the bulls a target of $4000 — this is a logical point for making a profit before any attempt to knock on the door of the range of $4100–4200.

As we understood at around $6000, the more often the bears knock on the door, the more it lends itself. It is possible that the same thing will happen with a mark of $4000.

Looking at the weekly chart, we can see that Bitcoin is right at the level of diagonal resistance, which it has been facing for 12 months, and is supported by the bullish intersection on MAC-D — despite the fact that it is still below zero.

There are all signs that Bitcoin is really trying to move above 200 DMA and ultimately break the $4,000 range. However, it is important to note that Bitcoin is still in a tough bear market, and highs above $5,000 will not be enough to point to a macro shift in market momentum.

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Author: Marko Vidrih

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