I see bitcoin breaking the 4100-4200 usd resistance level before the close of this month.Unlike the previous pumps and dumps,there is significant growth in trade volume,consistently trading about 9 billion daily ( assuming exchanges are not "wash trading").
There are two strong resistance levels that will take considerable shift in psche to break.3800$ on the downward trends as most traders are expecting a possible bull run,hence not in a rush to sell off,the other is 4200$ on the upward trend.Previous rallies (pumps and dumps) never went beyond this level.Any trade above this may not draw significant intetests as many will likely it as another pump and dump session.A possible break in the grid lock could be as a result of some bullish news of Bakkt possibly launched by March 15th.No one can tell how big an impact it could be.We are more likely to trade sideways this coming week.
There are two strong resistance levels that will take considerable shift in psche to break.3800$ on the downward trends as most traders are effecting a possible bull run,hence not in a rush to sell off,the other is 4200$ on the upward trend.Previous rallies (pumps and dumps) never went beyond this level.Any trade above this may not draw significant intetests as many will likely it as another pump and dump session.A possible break in the grid lock could be as a result of some bullish news of Bakkt possibly launched by March 15th.No one can tell how big an impact it could be.We are more likely to trade sideways this coming week.
It seems to me that you are locking in our current sideways range as too narrow, and we have already had breaks below $3,800 in recent days... remember a spike bounce down to $3,558 just a few days ago?
And, surely $4,200 is a BTC price that has been resistance on the top for a bit more than a couple of months, but I would not get too excited, even if BTC prices break 15% or more above $4,200 and then come back crashing back down without hardly any effort.
This is bitcoin where fake outs are quite possible and such fake outs do not take a whole hell-of-a lot of capital to achieve, relatively speaking.
Rightly so, bitcoin 'fake out' is often very funny. We have seen buy/sell order of less than 200m$ forcing a crash with several hundreds in a 70 billion $ market. Sometimes I wonder if the figures we have on CMC are of practical importance. Some 15% break out above 4200 would heal a lot of hearts..momentarily.
We have had our first bullish cross this week (50 day MA over the 100 day moving average) with the bears seemingly getting exhausted .Though we are still bouncing in the loop,I see btc touching 4000 within the next 24-48hrs.(My opinion,not financial advise)
Trading volume has doubled in the last 24 hours (18 billion $) with over 15% growth in bitcoin price .It seem we are finally getting out of the woods. The first signs was a few weeks back,this could well be a confirmation if we able stay afloat. Then everyone will FOMO and the dumb money starts pouring into the market. (The coming 48 hrs should tell us this is not another pump- I am positive this time it is not).
It seem today's crash was triggered by activities of whales on coinbase. Traders shifted their position when there was movement of 25,000 bitcoin to coinbase, after dumping, there was another movement of 14000 bitcoins from coinbase to another wallet. Traders are just being cautious and we will likely see some recovery as soon as the fears of manipulation is over.
https://www.ccn.com/bitcoin-price-plunged-14-to-7700-violent-spiral