Bitcoin currently has a high price target if it's to see that a bullish reversal this month, cost charts indicate.
The leading cryptocurrency jumped over 10% in Feb, snapping the record six-month losing streak. Even more important, the restoration rally seen in Feb engulfed the cost action seen from the preceding month.
Basically, BTC produced a bullish engulfing candle on the monthly chart after a fall of 80% of the record of $20, 000 attained in December 2017. While that pattern is broadly considered an early warning of future bullish reversal, traders typically wait around for more reliable signs of a trend shift, rather a close over the candle's high.
Put simply, a long term bearish-to bullish trend change could be confirmed when prices close over the Feb high of $4, 190 on March 31. That would also strengthen the bearish-to bullish tendency alter represented by many longer duration indications over the last couple of weeks.
As of writing, BTC is changing hands at about $4, 000 on Bitstamp, representing a 0.4 percent increase on a 24-hour basis.
Monthly chart
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BTC clocked a high of $4, 190 and produced a bullish engulfing candle last month - probably an indication of bargain hunting following a protracted sell-off. Thus far, the follow through has been favorable, confirming the bear exhaustion.
A UTC close over $4, 190 on March 31st will confirm that a longer-term bullish reversal and open the door to the psychological hurdle of $5, 000.
A lack to close over that vital degree will ease the bullish case and may increase sales pressure.
Daily & 4-hour chart
On the daily chart, BTC awakened from the 30-day moving average before this week, invalidating Monday's bearish close below $3, 920.
Nevertheless, the case of a monthly close above$4, 190 would strengthen if prices set a greater high over That would also affirm a bull flag breakout on the 4-hour chart - a continuation pattern which. That would also confirm a bull flag breakout on the 4-hour chart - a continuation pattern that frequently accelerates the preceding bullish movement.
On the downside, the 30 days MA, currently at $3, 900, is the amount.
No cryptocurrency assets during the time of writing.
