Bitcoin Price May Rise in March Despite Month’s Bearish Track Record
Omkar Godbole's original article for www.coindesk.com reduced by 45%
View Bitcoin could end the five-year March losing streak with solid gains if resistance at $4,190 is convincingly scaled in the next week or two. The focus would shift to the primary bearish trend seen on the monthly chart if BTC fails to pick a strong bid in the next few days. Bitcoin is heading into a historically weak month on a positive note and could see gains if resistance at $4,190 is breached.
Prices fell 15.7, 4, 4.9, 9.3 and 32 percent in the month of March from 2014 through 2018, according to CoinDesk's Bitcoin Price Index. Bitcoin has posted gains in February and losses in March for the last four years. March has proved a weak month six times out of the last eight years.
An inability to produce quick gains above $4,190 would shift focus back to the primary bearish trend, as seen on the monthly chart, and would shift risk favor of a drop to recent lows below $3,400.
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