Bitcoin Price Weekly Technical Analysis (2-8 March) – On your marks, get set, go…..!!

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Bitcoin Price Weekly Technical Analysis (2-8 March) – On your marks, get set, go…..!!

Last week, bitcoin price rose from around $260 all the way upwards to print a high of around $294. We predicted during last week’s analysis a bullish run, yet we expected the bullish wave to be strong enough to push the price up to $300. The bullish wave that controlled the market last week led to a new rising support level.

By studying the 1 hour Bitfinex (BTC/USD) charts from tradingview.com and plotting the 20, 50 and 100 period EMAs accordingly (look at the below chart), we can notice the following:

bitcoin price, bitcoin analysis

By examining the 1 day bitfinex (BTC/USD) charts, plotting the William’s Alligator indicator and calculating MACD and Vortex indicators (look at the below chart), we can conclude the following:

bitcoin price, bitcoin analysis

Conclusion:

Bitcoin price increased last week and was in the $270s range during most times. Our technical analysis predicts a continuation of the bullish wave so we can see the $300 resistance level tested next week. Entering a long trade at $270 can be set to take profit at $290 with a stop loss at around $265.

Charts from bitfinex