CoinDesk analyst Omkar Godbole sure that the price is the first cryptocurrency now getting ready for retest the psychological mark of $4000.
In recent days bitcoin has grown by about 3%, offsetting a slight decline in prices that occurred on Monday, March 4. Currently, the “digital gold” is trading at $3850 on the exchange Bitstamp.
On a larger timeframe for the first time since August last year simple moving averages (MA) with periods of 5 and 10 indicate that the bullish sentiment.
Weekly chart of BTC/USD from TradingView
In addition, for the first time from January 2018, the determination buyers is evidenced by the MACD indicator. Also scrapped the downward trend is visible on MFI, which is selected from the oversold.
The daily chart of BTC/USD from TradingView
Bitcoin has bounced from the 100-day MA, which recently serves as a dynamic support. It is also noteworthy that once the descending 100 MA turned into a horizontal line. This is a positive signal for cryptoendoliths.
Charged optimistic buyers now can push the price over $3897 corresponding to the maximum of the candle “Doji-dragonfly”, formed on February 28. Then with a high probability of upward movement will continue up to round $4000.
Hourly chart BTC/USD from TradingView
The lower time frame clearly shows a breakout of the upper boundary of the “bull flag”. The beginning of the “flagpole” starts at around $3700, consequently, further movement may be found around for $4000. The thesis of the continued pressure from buyers confirms the relative strength index (RSI), which is currently at 67.00.
To change dramatically the situation can only be the case if bitcoin falls below $3658 corresponding to the minimum of the candle a doji on daily chart.
Earlier Omkar Godbole suggested that March will be a good month for the cost of the first cryptocurrencies.