As the Bitcoin price weekly candle draws towards a close for the week we take a look at what the performance over the week looks like going into the final week of March.
Bitcoin price: 4-HOUR CHART
Looking at the4-hour chart, we can see that the bitcoin price has spent the last few days oscillating around the weekly opening price of $3965, with the bears continually attacking this level.
The MACD has broken through it zero line having turned bearish on the dump from the weekly highs at over $4056 all the way down to $3920, which along with a generally downward trending MACD implies that the bears are in control going into Sunday evening, however the bulls have proven to defend the weekly candle in the last two weeks of asking.
Should the bears want to define the weekly candle, the mid-week lows of $3920 will be the target, whereas the bulls will want to close above the weekly open of $3965.
A look at the 1-Day Chart shows that bitcoin price is showing signs of struggle to complete the Adam and Eve and Inverse head and shoulders classical charting patterns, which would imply an upside target between $4800 and $5200.
Failed moves typically lead to fast moves, so if BTC cannot break back to test the $4,000 and loses the weekly lows, the 50 and 100 DMA at $3780 and $3730 respectively will be the first line of defense for the bulls. These levels have acted as support since Mid-February when they turned from resistance and into support.
With only a few hours remaining, the weekly chart shows that bitcoin price is still being capped by the center line of the Bollinger Bands,