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Bitcoin Price Analysis March 28th





Bitcoin Price Analysis March 28th. Bitcoin finally had a breakout yesterday to $430 before the bears returned today.  Currently Bitcoin is in a 4 hour downtrend and should test the $420 support level a move lower will most likely begin another narrow trading range for Bitcoin. A move higher above $430 would mean the bull has returned and Bitcoin should go to the $440 range or higher. Taking a look at the chart below we see CCI is rising at 33 flattening as $420 support is holding strong. Bitcoin will need a peak through the high range here to break $430. The Stochastic RSI is trending down at 60  if it flattens and doesn’t touch the lower band this would be a bullish signal.Sellers don’t seem to be in any rush to push the price down at the moment. BFX data shows almost exactly equal margin longs to shorts in this move.  As always, China will be directing who between those two sides blinks first. Shorting bitcoin on a halving year is not a very good idea. The shorting season is gone- that was 2014-2015. China still pumping up the volume for 4 weeks in a row.

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