Bitcoin Analysis 3/28/19 | Breakout of resistance attempted
Bitcoin has just attempted to break out of its micro triangle but also above $4100 to no avail. What seems apparent is that there should be a retracement to at least about $4054 over the weekend. This is not surprising as most trading patterns don’t normally play out in crypto, so a triangle breakout here might have been too easy for the bulls. If we do break above here I am still anticipating some resistance between $4200-$4250 and at that point we should definitely retrace and would be an optimal place to short. In the event that we do surpass that range, then $4800 would be the next level of long-term resistance. Another possibility is that we experience a Bart Simpson pattern and retrace to $3937. I’m not going to do anything with Bitcoin until we re-test $4200.
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