Key Highlights For March 6
- The price reached a high of nearly $4200 on Feb 24.
- A flash crash caused it to drop to nearly $3670.
- It has been struggling to break out above $3900 since.
- The price is moving inside a horizontal channel.
- There is short-term bearish divergence developing.
- The price made a rapid upward move on Mar 5.
The Resistance Line
The price of BTC on Bittrex is analyzed in 1-Hour intervals from Feb 26 to Mar 6.- Feb 25
- Feb 28
- Mar 5
- Mar 6
Horizontal Channel

- Feb 24
- Feb 28
- Mar 4
- Mar 5
Rapid Upward Move
The price of BTC traded inside the channel without significant fluctuations from Feb 24 to Mar 5.
On Mar 5 it initiated an upward move that took it to $3870. The move occurred within 11 hours and represented an increase of 4.5% The magnitude and speed of the increase suggest that the downward movement may be over and further increases in price may be forthcoming.
Looking Out For Divergence
The moving average convergence divergence (MACD) is a trend indicator that shows the relationship between two moving averages (long and short-term) and the price. It is used to measure the strength of a move. The relative strength index (RSI) is an indicator which calculates the size of the changes in price in order to determine oversold or overbought conditions in the market.Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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