Bitcoin continues to move within the range between US$ 37.5 thousand and US$ 42.7 thousand. The Transfero team points out that the US$37.5 thousand price is becoming strong support in the short term and gaining strength in the long term.
“The value has already been ‘hit’ five times and at no time has it been broken with great volume, reinforcing that the bullish movement has overcome the bearish one, which suggests a good time to get in BTC”, the analysts evaluated.
Source: TradingView
According to Transfero, in the long term bitcoin remains in an uptrend, as can be seen in the chart below, which represents the “2-Year MA Multiplier”.
Source: Coinglass.com
The analyst team explained that this indicator is widely used for long-term investment. “The price below the 2-Year MA (Green Line) represents an excellent entry opportunity; when it exceeds the 2-Year MA x5 (Red Line) it is a good time to liquidate the profits and sell the BTCs”, explained the experts.
In the last few days, the price has been behaving close to the green line, a sign that it is a good time to accumulate more bitcoin. After all, despite the uncertainties of the financial market in general, both in traditional and crypto circles, BTC behaved positively in the last week (between March 10 and 17), appreciating more than 5%.
According to Transfero’s analysis, the bullish focus is to try to break the barrier of US$ 42.7 thousand with volume and keep the price above this resistance, which could indicate a new uptrend in the short term.
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