Bitcoin Analysis for 2020-03-19 [Premium Analysis]

Bitcoin (BTC) Price Highlights

• The Bitcoin price is trading inside a short-term range of $4,400-$5,600.
• It is possibly trading inside an ascending triangle.
• The price is trading above its 50-hour moving average (MA).
• There is resistance at $6,100.

Ascending Triangle

Since March 13, the BTC price has been trading in a range of $4,400-$5,600. The price is currently trading very close to the top of the range and has moved above its 50-hour moving average (MA), which is now seemingly being using as support. In addition, the price has created an ascending triangle since March 16. This is considered a bullish pattern, which most often leads to a breakout. The price is nearing the end of the triangle, which is projected to end tomorrow at the latest. A breakout that travels the entire height of the pattern would take the price all the way back to $6,100, reaching the high of March 12 and the closest resistance area. This would constitute a breakout above the trading range, whose resistance is now likely to act as support.

Long-Term Movement

The weekly chart shows that the price is currently trading in a neutral zone below the $6,100-$6,800 area. The proposed breakout would take the price to the lower limit of this resistance area. The expected movement would be a breakout towards $6,100 followed by a decrease towards the previous bottom at $4,300. If the price reclaims and maintains the $6,100 level, it might make a break towards $6,700, although this scenario is much more unlikely. To conclude, the BTC price is trading in a range of $4,400-$5,600. It is trading very close to the top of the range and has created an ascending triangle. A breakout is expected, with the price moving to revisit $6,100. For those interested in BeInCrypto’s previous Bitcoin analysis, click here.