Defending 3,800 and a Swing Trade Play
For one week, bulls have been defending the 3,800 USD value area with success. But on March 4th they had to give way to the constant pressure. Prices fell quickly to the 3,700 USD level. These extended times of range bound trading are typical for Bitcoin Bottom Building in sideways ranges.
This 60 minute chart of Bitcoin shows (represented by the yellow candlestick wicks) how the bulls defended 3,800 USD :
BTC-USDT hourly, March-4 2019BTC/USDT 60 minute chart as of March 4th, 2019 – Click to enlarge
If the closing price for BTCUSDT should be above and near 3,686 USD on March the 5th, a quick daily long play could provide a short term opportunity.
Long entry opportunity on