Bitcoin (BTC) Price Analysis — March 6

• A candlestick pattern has shown BTC may be rejected if it keeps going up.
• On a longer-term, the cryptocurrency is expected to break through the $4,200 mark.

Bitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

On March 5, the price of Bitcoin was in a bearish trend ranging above the $3,700 level. Yesterday, the bulls broke the 12-day EMA and the 26-day EMA to reach a high of $3,951. The crypto's price was making a series of higher highs and higher lows.

The price then made a downward correction. A bullish trend is ongoing because Bitcoin’s bullish trend line hasn’t been broken. BTC’s price is above the EMAs which indicates that it is likely going to rise.

BTC is expected to retest or break through the $4,200 level. Meanwhile, its Stochastic indicator is in the overbought region and above 80 which indicates the crypto is in a strong bullish momentum, and is a buy signal.

BTC/USD Short-term Trend: Bullish

Bitcoin Chart by TradingView

On the 1-hour chart, the Bitcoin was in a bullish trend. At the lower time frame, the bulls broke the 12-day EMA and the 26-day EMA to reach a high of $3,931. The crypto's price was ranging above said price.

A candlestick called Hammer has indicated rejection of an upward price movement. The bullish trend is likely going to end soon. The Stochastic Oscillators are out of the oversold region but above 40 which indicates that the crypto is in a bullish trend and is a buy signal.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.