momentum while trading above the 3,600 level. Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. The exchanges trading price for the pair was 4,242.37. FCoin took the third place as well via the ETH/BTC pair, at 4,220.27, and recorded a volume of 841 million. Resistance 1: 4,190, bTC created an inverted bullish hammer candle with a high of 4,190 during the week ended Feb. BTC / USD H4 Chart (Source: TradingView pattern Watch, a bullish inverted head and shoulders pattern can be seen on the four-hour time frame with an upside projection of around 1,200. Recently, the United States Securities and Exchange Commission SEC stalled a publicly traded Bitcoin ETF proposal. That candlestick pattern occurs when the bulls test bears resolve to keep prices lower and is widely considered an early warning of potential bullish reversal if it appears after a prolonged sell-off, as is the case with BTC. Bitcoins strong bounce from the 100-week moving average witnessed earlier this week restored the short-term bullish view put forward by the long-tailed doji candle created on Feb. In the short-term, Bitcoin has turned bullish after performing a breakout from a descending wedge pattern. The 4,600 level represents an area of strong technical resistance for Bitcoin, with the pairs 100-day moving average converging with major trendline resistance on the daily time frame.
The Medium-term outlook remains bearish until the 5,200 level is breached. Macd Indicator, the macd indicator has now turned bullish on the daily time frame and is signaling further upside. The Relative Strength Index is bullish and is now at its highest level since the summer of 2018.
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BTC / USD Daily Chart (Source: TradingView pattern Watch, traders should watch for a breakout from the large wedge pattern seen across the daily time frame. So, a re-test of January high meta4 forex broker of 4,190 could be on the cards. Source: CoinMarketCap, bitcoin managed to break its resistance at 4,200 and according to CoinMarketCap, reported a seven-day high of 4,296.81 and seven-day low of 3,934.03. BTC has carved out a higher low near 3,300 in the last two months and a higher high would be confirmed above 4,236 a bearish lower high created on Dec. Daily time frame shows the 4,400 to 4,600 area as major upcoming technical resistance. Will BTC rise to 4,190? It is worth noting that a break above 4,236 would also confirm an inverse head-and-shoulders breakout, which essentially represents a successful transition from the bearish lower high-lower low pattern to the bullish higher low-higher high pattern. A near-term advance above the 4,000 level would likely prompt a technical test of the important 4,300 and 4,400 resistance areas.