Commentary by Jackson Zeng, COO Caleb & Brown
Bitcoin: USD $3,882 (07 Mar 2019 3:53 pm)
There has been little activity with the Bitcoin price this week. It remained fairly stable along the 50-Day exponential moving average (EMA) and is holding as a support for now.
The price closed at $3700 below the EMA on 4th March before a prompt bounce and holding the price above $3800. This hints toward a strengthening in the support levels.
The relative strength index (RSI) is starting to climb again this week, sitting at 60 currently. Over the next two weeks we will paying close attention to the sell side volume.
This is especially important given we’re looking to retest the short term $4000 ceiling levels, as a rapid retracement again could signal weakness in this short-term trend and the greater mid-term trend.
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