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Commentary by Jackson Zeng, COO Caleb & Brown

Bitcoin: USD $3,851 (14 Mar 2019 2:53 pm)

Another steady week for Bitcoin. This week we ranged from $3,770 to $3,950, consistently maintaining above the 50 day EMA.

However, it looks like margin long positions are closing while shorts are opening as the two are currently converging. This would indicate to me that several traders are showing a lack of short term confidence in Bitcoin sustaining current price levels. RSI continues to remain neutral.

A positive note is the absence of a rapid retracement when the price encroached toward the $4000 price tag, but it’s likely too early to tell. Once again, we’re paying close attention to the band between the moving averages and the $4000 level in the coming weeks.

 

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