The volatility of the Price of Bitcoin in march, has been extreme, to be the main factor in the rapid spread of the Coronavirus at the global level. Then I will do a full analysis of the most striking landmarks of the month, adding up to a small projection in the future. Without a doubt this month will be for the history of Bitcoin, as its price noted on march 5 to a maximum of US$ 9.120, to then fall to the middle of the month below US$ 4,000. At the time of writing the Bitcoin advances by 7.6% to US$ 6.450, going on the trend of short-term bullish. As I said in my report yesterday, everything can change from one moment to another. The volatility is the order of the day.
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Evolution of the Price of Bitcoin in march
The month began around the US$ 8.800, and then overcome the barrier of US$ 9,000. Then, who ordered by the Coronavirus-like pandemic, the BTC sank to$ 3.900, and then recover up to the 7k. In the graph below we can observe the strong movements in the price of the Bitcoin, with a support marked in the area of US$ 5,900, and a resistance in the US$ 6,700. A few hours before the end of march, all eyes are set on the Price of Bitcoin, noting where it will be the end of that month. Why above resistance, below or trapped in the current range?
Projection of Price of BTC for April
April can be a great month for Bitcoin, since it is expected that the Coronavirus continue to wreak havoc, not only in Europe, but rather in the US, and in much of Latin america. In this scenario the Bitcoin can work well as an active shelter. Personally I think that the price of Bitcoin as little should reach US$ 8,000 in April, to be a possible scenario that try to challenge the strength of the US$ 9.100, being the great level to beat in the short term. The above-mentioned values are not a matter of FAITH, but rather watching the movements of accumulation of the whales crypto, and the exhaustion of the sellers (bears). As I said in my last analysis, if you are a trader in the short term, you can take advantage of this time to seek returns, trading to BTC in the range of 5.9 k to 6.7 k. The simplest strategy would be to schedule purchase orders at the lower limit, then sell near key resistance. If you are an investor who thinks long-term, just hold and wait for a strong esacalada in the Price of Bitcoin to sell. The information of this content should not be taken as investment advice, it is only a personal analysis based on my years of experience as a trader in the financial markets.