Bitcoin Awaits Decisive Price Move as Trading Range Tightens
Omkar Godbole's original article for www.coindesk.com reduced by 42%
A UTC close above $3,897 would validate Wednesday's long-tailed candle and open the doors to re-test of the last week's high of $3,190. Bitcoin has witnessed indecisive trading in the last 48 hours and would turn bullish again if prices rise above $3,897. The probability of bulls coming out victorious with a move above $3,900 is high, as the dip demand witnessed on Wednesday reinforced the high-volume bullish triangle breakout, confirmed on Feb.
19. The average is also holding above the 200-candle MA, meaning the trend is bullish. The bullish case would weaken if the 100-candle MA, currently at $3,778, is convincingly breached.
With the longer duration charts flashing early signs of a bullish reversal, as discussed earlier this week, the odds of BTC suffering deeper losses toward $3,400 appear low. Bitcoin image via Shutterstock; charts by Trading View.
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CN [too long; didn’t read]
Summarised crypto news.