Bitcoin is now recovering from coronavirus infection, Coronavirus hit hard on Bitcoin and traditional markets, when btc price dropped by 40% in single day on 12th March.
Bitcoin Bulls have shown nice buying momentum last week, and btc price bounced from 4500$ and retested 7100$(Bitstamp). Bitcoin also reclaimed 200-week moving average support after the weekly close above 5500$.
Intrestingly, Bitcoin also printed 2-years high bitcoin buying volume candle on weekly. That indicates a great buying participation during price drop to 3800$.
Bitcoin miners started capitulating, but hashrate has started increasing again after a brief drop below 83,000,000 TH/S, Hashrate has recovered by 27% in last four days.
Bitcoin fear and greed index is valued at 10, which indicates extreme fear in the market. Historically, Bitcoin find bottoms when fear and greed index drop below 10.
Bitcoin Technical Analysis – 4H
Support Levels:
Immediate support – 5800$
Key Support – 5500$
Major Support – 4500$
Resistance Levels:
Immediate Resistance – 6200$
Key Resistance – 7000$
Major Resistance – 7600$
Technical Pattern:
Ascending channel formation on 4H. Price got rejected from channel resistance, and now getting support from channel.
Moving Averages:
Holding support at 50MA on 4H, 21 and 100MA flipped into resistance.
Opinion
In our opinion, Bitcoin can break below ascending triangle support on 4H, and price can retest 5000$ area again.
Recovery possible to 9000$ before halving?
200 weekly moving average will play a deciding role to predict further higher time frame price action.
If Bitcoin manages to hold 200 weekly MA support for this week, than We can expect bitcoin to break above major resistance at 7600$ in next few days, and reach 9000$ before halving.
Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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