Bitcoin: The cryptocurrency seems to contract for a next rebound
The crypto market is in an intense week with lateral movements marked by the intensity of the cause and effect it achieves over the rest of the ecosystem. We will try to obtain a more condensed panorama of the next three months on the main asset of the ecosystem.
The king cryptocurrency continues a lateral movement, with small depreciations and rises, as a result of a slight correction in its market prices, in the expectation of what arouses in the ecosystem in general that may push its prices out of the forecast or vice versa , take them back to minimum levels of the beginning of the year.
Its capitalization market of almost 69 billion dollars keeps it in the first position setting the pace, and its contraction and correction at the time of writing is + 0.48%, raising its price above the levels in less than 24 hours. of $ 3900, for a spot price of $ 3922.96 USD.
This has allowed the ecosystem to recover the $ 1 trillion dollars that were lost in the last 24 hours, so that the market capitalization of the entire crypto market is once again over $ 134 trillion, with Bitcoin rising one tenth of a percentage point to 51.3% .
The cryptocurrency has been repeating a demarcated pattern since the end of last year, with loss of momentum in its rise and it is expected to continue at least that same compartment until the end of March.
The ABCDE pattern projects this behavior with an acceptance at the Fibonacci levels for March 30, cut at point E to the value of $ 3554; established as your next support to achieve a change of pattern.
The projected tangent in the 50-day period from February indicates that a new cryptocurrency impulse could arrive for the month of April from support S1 to support level S2 ($ 3774.81) and then try to beat the resistance level R1 and achieve in the best case values of $ 4216.17. We can see this in the graphic with the EAB pattern.
May is projected as the rise and fall of Bitcoin, with the possible scenario of achieving resistance levels R1 ($ 4182.69) and R2 ($ 4590.83). However, such numbers will be possible to see them descending to close levels of support S2 ($ 3774.81). BCDE pattern.
As for the short-term chart, 1H in Binance, a cut in 2 days of correction is expected at levels of 3849.45 USD. Even when the trend is bullish at this time, it is possible that it will suffer a new setback marked by the lateral movement of prices.
The Parabolic SAR at this time is bearish, with its drawing above the candle chart.
Chaikin Money Flow has logically made a vertiginous change towards the north, due to the strong entry of money into the ecosystem that we have already mentioned.
Aroon indicates that the bearish trend will remain passive in the next 24 hours, with its bullish indicator (green line) at the top of the scale at the time of writing.
Many are the hopes that the prolonged crypto winter finishes soon, so that the economy around the industry takes off of accelerated and massive form, with the thousand cases of use in march and to engage to make of the cryptocurrencies a use of frequent payment.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.