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We’ve closed last month with a 15.352 USD (-26.3%) correction, we’ve started March with strenghtening and today the price hit up to 50.200 USD. On high time frame, monthly chart still looking good, we have a nice uptrend, no sign of retracement.
We may see the first sign of a correction period on weekly chart, but it’s too early to tell. What we do know, in the past few years, back to 2014 there were smaller corrections in March. This is not a neccessary scenario (in 2013 was a stronger uptrend in March), but it is possible we will see red days this Month. On higher time frame we still see strong uptrend, investors are interested in the market, I don’t think this is the time we should start to worry. Me personnaly today closed my positions, I will wait a few days or a week to see what’s the upcoming trend.
Looking at the daily chart I still think the same scenario, as in January, we may hit 55k, which could be a stronger resistance level and could deny the breakout attempt. In that case another downtrend is coming in the next days, the bottom could be around 38k, but as I said, right now is hard to tell.
On shorter time period, 4h chart shows retracement, we may reach the bottom at 2:00-6:00 UTC (if not, then tomorrow will be another red day). If we can keep the cca. 47.700 USD level then we may see a nice upward till Friday and at weekend (as usual) the will start to drop again.
Hourly chart, kumo cloud may confirm my theory, it predicts uptrend fo tomorrow. For a shorter time if we hit 46.500 or a bit below, but we can quickly retake that level, then we will be fine tomorrow. Within a few hours we will see what’s the dominant trend for shorter period.
