Bitcoin Price Analysis: A New Wave Is Coming
Last week bitcoin failed to realize the figure "Head and shoulders" — the line of "neck" in the area of $11,700 proved to be a serious barrier.
The February monthly candle was positive for bulls. In order not to break the positive trend, the March candle should ideally close at the level of $ 11,700 or even higher. This will be a strong signal for further growth.
While it is clear that neither bulls nor bears can seize the initiative, there is a flat movement with high volatility.
On the weekly chart, the flat and the desire of major players to confuse the crowd are even more clearly visible. Thus, a bullish weekly candle followed clearly bearish and vice versa. This picture has observed for the fourth week. We hope that trend will continue and this week will not be an exception - thus, after the bearish candle we will see a bull.
The daily chart shows the end of the formation of the second wave. If this is so, then we are already close to the beginning of the momentum growth within the third wave.
Yesterday, bitcoin price beautifully formed a "Double bottom" on this chart, then demonstrated the momentum growth and broke through the local downward trend. There is consolidation now, we are waiting for the local wave to go up to the level of $ 10 100:
On March 19-20, the G20 summit in Argentina will take place, the leading countries of the world will discuss the issues of regulating cryptocurrencies. We need to follow the events very closely, the nearest weekend may turn out to be very hot.