CoinDesk analyst Omkar Godboul sure that to confirm the change in the long-term trend of Bitcoin should overcome the mark of $ 4,190.
According to him, this mark represents the maximum of the February candle, which is part of the “bullish engulfing” pattern. This pattern marked the weakening of the pressure of sellers, and for its confirmation it is necessary to overcome the level indicated above.
Monthly chart BTC / USD exchange Bitstamp
With successful developments, buyers will be able to pave the way to the psychological mark of $ 5000. However, the main obstacle on the way to it is the 21-week moving average (MA). Also, the task can become much more complicated if the price falls below a 30-day MA, passing through the $ 3,900 mark.
On the daily timeframe you can see how this week the price rebounded from the 30-day moving average, having stood at the level of $ 3,920:
Daily and four-hour BTC / USD charts from TradingView
The chances of overcoming the mark of $ 4,190 will increase if the price in the near future sets the upper maximum above the mark of $ 4,055, reached on March 21. With such a development, the “Bull Flag” pattern on the lower timeframe will also be worked out. This technical analysis figure usually indicates the development of an upward movement.
Earlier, Omkar Godboul noted that the price of BTC could fall into the range of $ 3,600-3,800 , if support did not stand at $ 3,920.
Download the BlockchainJournal app for Android smartphones!
BlockchainJournal.news
BlockchainJournal.news
