BTCUSD – Weekly Outlook- March 6 2019

BTCUSD – Technical Analysis for Bitcoin brokers

Introduction

Following a significant sell pressure from the start of the week, Bitcoin price saw a quick price recovery, as it flags bullish correction.

Read on for our views on other fundamental events as well as a buildup of the technical price patterns across multiple time frames.

BTCUSD: Monthly Chart

BTCUSD analysis for Bitcoin Brokers - March 6 2019

On major bitcoin brokers, the bitcoin price soared for about 21.8% from last month’s open to finally close at 3894.0. Although the first critical resistant level of 4218.0 was attained, the pair did not close above the level, not to mention touching the major resistant level of 4384.0. 

A bullish price close between February’s high-low range may likely signal an end to the bearish trend, ushering in a new bullish rally.

BTCUSD: Daily Chart

After the breakout of bearish accumulation on February 08 ’19, and further follow-ups of bullish pressure on 16 February ’19, and 20 February ’19, the bullish trend collapsed to a dark cloud cover formation on February 24 ’19.

This was expected to serve as fuel to the bearish trend as a follow up was issued on 03 March ’19. Below is an update to the daily chart, showing how the MA-65 and a bullish fakey pattern rejected the price decline setting the pair up for a trend continuation.

Bitcoin Fundamentals

Bitcoin: Previous Events

BlockFi now supports Bitcoin and Ethereum Accounts

Last year July 2018, BlockFi was a beneficiary of a $52.5 million fundraising by Galaxy Digitals.

BlockFi, the cryptocurrency lending firm announced on March 4, the support for Bitcoin and Ethereum denominated accounts yielding 6% paid interest.

The Winklevoss Gemini Trust, which in itself regulated by the New York State Department of Financial Services are custodians of BlockFi’s client assets. There are no restrictions in time of withdrawal of client funds from these accounts.

Bitcoin Miners see gradual growth in Revenue following 18-month lows.

According to stats released on March 04 ’19 from Diar, the newsletter of the Crypto industry, miners of the pioneer and number one cryptocurrency start to see slow growth in revenue after plummeting for 18 months.

The month of February was way more devastating for miners as revenues plunged to from $210 million in January to $195 million not seen since August ’17.

BTC/USD: 4-HR Chart

By deploying a trailing sell stop order at 416.3, one could enter a short trade which was confirmed by a failure of the double bullish accumulation on 24 February ’19, which saw price plummeting by 8.72%.

This sudden bearish thrust could not stand the test of time as the pair later broke out of a single and double bearish pressure pattern on 05 March ’19 08:00, leaving critical support levels behind at 3767.0.

Conclusion and Projection

As seen on Nadex, a major cryptocurrency platform, the only obstacle preventing a decisive reversal of the bearish trend, is the 4384.0 resistance from a monthly view. For us to be confident of a bullish trend recovery, the price will have to close above this level by the opening price in May or some months to come in the future.For now the sentiment is mid-term bullish and long term bearish with targets at 4384.0, and 3767.0 for long and short trades respectively.

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