BTCUSD – Weekly outlook for Bitcoin Price – March 7 2019

BTCUSD Technical Analysis for Bitcoin Broker

Introduction

Some Altcoins in the cryptocurrency markets are violating critical resistance levels on higher time horizons. Is it possible that we might be approaching the end of the crypto winter and transitioning into a Crypto spring? Join us this week as we carry out our usual top-down technical analysis of the time series charts, and not forgetting interesting fundamental events.

BTCUSD: Weekly Chart

BTCUSD Analysis - March 7 2019

As seen on major crypto broker platforms, such as IQ Option Singapore , the 3215.2 support level seems to have stood the test of time after its formation via a breakout of bearish accumulation on 17 December ’18. Price gently corrects the sudden upshot in volatility and later resumed in a steady upward price flow.

On 25 February ’19, a single bullish pressure pattern is echoed showing potentials of further increase in Bitcoin price. As it stands the price is encapsulated between the resistance at 4384.0 and support at 3215.2. A break above or below any of these levels should clarify long term trend direction of the crypto giant.

BTCUSD: Daily Chart

The above bullish trend which lasted for about 16days was brought to an end by a sudden dark cloud cover candle formation. Upon hitting the 65-period Moving Average, the bearish momentum was tune down, forcing the pair into a range. In an attempt to resume the bearish trend via a bearish accumulation on 03 March ’19, it turned out to be a fakey pattern as the bullish trend resurfaced on 05 March ’19 as shown below.

Bitcoin Fundamentals

Bitcoin: In the news

Transaction worth $3 Mln in Real Estate marks the First to be completed on Blockchain Technology.

As announced on Blockimmo’s official blog post, 

 Elea Labs Ltd, Swiss Crypto Tokens Ltd, and Blockimmo Ltd, a blockchain property platform recently carried out a real estate deal on a blockchain network. This deal which cost 3 million CHF ($2.98 Mil) comprised a restaurant and 18 apartments.

By this, the true asset worth of the property as tokens on the Ethereum blockchain.

As a measure to avoid fluctuation in prices, the transaction was backed by Stablecoin, a Swiss-based token pegged to the Swiss franc.

Elea Labs CEO, Martin Schnider comments that with Property DNA, due diligence on data will be transparent, simplified and at reduced process costs.

Bitcoin: Upcoming Events

Asia Crypto Week 13- 14 March ‘19

Hong Kong, a major leader in blockchain based projects, funds and exchanges will be hosting the Asia Crypto Week, which will feature over 30 events from13th to 14th March ’19. Participants will have the opportunity to interphase with like-minded entrepreneurs in the space through meetups and hackathons as well as exclusive events.

The conference will feature leaders and founders of major crypto-based platforms like Litecoin’s Charlie Lee, Tron’s Justin Sun, Bitcoin Standard’s Saifdean Ammous, Abra’s Bill Barhydt, Wanchain’s Jack Lu, and Hashgraph’s Mance Harmon amongst others.

Conclusion and Projection

A global community of crypto enthusiasts, speculators, and investors pay close attention to opportunities to stash and HODL some bitcoins as soon as the bottoming is confirmed on the higher time horizons. For now, the price remains in a range in the long term and offers swing trading opportunities in the short term. 

To take advantage of similar setups analyzed above, we urge you to visit the broker section of our site for a guide, as we have already hand-vetted a couple of bitcoin brokers.

James Martin

I'm based in London ( England, UK )
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.

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