Bitcoin ( BTC / USD - Bitmex ) - Monthly closing

Bitcoin ( BTC / USD - Bitmex ) - Monthly closing

By milionarioo | DigiNomic | 1 Apr 2020


Let's analyze the month of March on Bitcoin, characterized by an important collapse of the global markets.
Bitcoin has not been excluded and, as is typical of less liquid markets, it has experienced greater volatility.

We have come to test the low range of the triangle in which we are lateralizing, with decreasing peaks and increasing lows, for years now and ever closer to the top.

The main support zone of this triangle, beyond the last minimum and the growing trendline, is the intermediate cluster in the area around 4350-4750.

The positive thing is that, at the risk areas approach for the triangle, demand immediately emerged which rejected the price in an area of ​​greater confidence.

It was officially recovered at the 6350 pile, significant historical support on the TF monthly, since the last closure of 2018 before the capitulation phase. However, the low at the end of last year (7130) was not recovered, leading us in all respects to define a lower low in the short term.

In short, conflicting signals that do nothing but confirm the uncertainty of the situation: there is demand at lower prices and interest in maintaining critical supports, but not enough to push for the recovery of the last low, potentially reversing the short-term trend.
It will be convenient to continue to follow the closest time frames, which better highlight the emergence of potential reversals which can then be propagated even on a larger scale.

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