Bitcoin price has got off to a lackluster start, finding weekly lows of $3850, down from $3980 after finishing the week on a fifth consecutive green candle. Let’s take a closer look at the BTC price action to look what may be in store for the final week of March.
Looking at the 4-hour chart, we can see that Bitcoin price has been in a downward trajectory almost immediately since Monday morning. The relatively high volume sell-off found lows of $3850, from which it bounced to $3940 but was subsequently rejected.
Price action has since been tightening up around $3900 but continues to threaten more downside action as a bearish pennant is forming. This would imply a potential downside risk of new weekly lows around $3800. The MACD supports this scenario as it continues its downward trajectory and the histogram printing new lows. In other words, the bears are in control.
Looking at the 1-Day Bitcoin Chart, the market remains in a bottoming pattern, which requires completion. This will only occur if…