Following the small-scale mobility at the beginning of the week, we saw a Bitcoin in the horizontal band. On a weekly basis, there is an opening of $ 3880 (Bitfinex) and an increase of 2.5% from the $ 3980 level. The Altcoin side is much more mobile and positive compared to Bitcoin.
Previous Week Technical Developments
Bitcoin açıls week opening L3 ($ 3900) below level. However, this level was broken up again with purchases from Tuesday. The rest of the week L3 ($ 3900) level continued to work as support. Bar closures even though there are occasional violations below the horizontal trend L3 ($ 3900) level On the volume side of the chart, we see a very weak course (based on the Bitfinex stock exchange on my charts, it would be useful to examine other exchanges). On the RSI side of the graph, this week the horizontal resistance was shifted.
In the short-term view of the chart, we see that the diamond formation, which I mentioned in the previous week, was broken down on Monday. However, the price of purchases on Tuesday L3 ($ 3900) level. Although there is a fluctuation in the bar on Friday, we see that the upward trend continues at the weekend.
Exponential movements averages (EMA); Monday's sales led to the closing of the daily close to EMA21 and EMA50. However, with the recovery on Tuesday, these levels have become supportive again. In fact, the price fluctuation on Friday, BTC price EMA50 found support.
Evaluations on Technical Graphics
Bitcoin has maintained its positive outlook for the last month. Especially this week L3 ($ 3900) by staying on the level of this situation was reinforced. However, moving averages approaching each other, short-term moving averages over the long period (EMA21'in EMA50 on the watch) are other factors that make the table positive. A negative point here is that the volume side is weak. As a matter of fact, since Bitcoin is in the short term correction process, it is necessary to evaluate the decrease in volume normally. However, I think that the increase in the correction should be a bit more.
For the current situation, L3 ($ 3900) On the level G ($ 4450) I think the level will be targeted. The previous hill zone $ 4250 level will be the intermediate resistance zone. Price G ($ 4450) When the movement of the level begins, the volume support comes along, it will show us that the rise is in a solid way. G ($ 4450) over to falling trend will enter our pursuit. With the price reaching these levels, I think that mobility will increase in the market. The market is unfavorable and L3 ($ 3900) if the level breaks down $ 3684 If the level is after T1 It would be appropriate to follow the rising trend as support.
Information, reviews and evaluations included here It is NOT within the Scope of Investment Consultancy(Analysis Date: 11.03.2019)
Graphics Source: TradingView