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Bitcoin price analysis: another Groundhog day under $4,000

  • BTC/USD stays marginally below $4,000.
  • The upside momentum is slow for a decisive breakthrough.
Bitcoin price analysis: another Groundhog day under $4,000
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

Bitcoin (BTC) topped at $4,057 on Thursday, March 21, and has been trading below $4,000 handle ever since. The market lacks momentum as all recent attempts to take the price above the critical resistance failed to transform into a meaningful recovery.

On the intraday level, BTC/USD is supported by $3,950-$3,930 congestion zone strengthened by SMA100 (4-hour). Once this barrier is cleared, a stronger support at $3,900 will come into view followed by SMA200 (4-hour) at $3,888.  

Considering slightly upward-looking RSI on intraday charts, the price may attempt a move higher with a potential testing of the above-mentioned $4,000 hurdle. Though, we will need a strong impulse to take the price above the psychological barrier strengthened by a host of intraday SMA levels located on approach. 

From the longer-term point of view, four Doji candles in a row on a daily chart look really depressive. As there are no clear signals of an upcoming breakthrough, we are in for more rangebound trading. The market will unleash its bullish potential only upon a move above 4,200.

BTC/USD, 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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