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Bitcoin Price Pattern Hints at Short-Term Rally to $4K
Bitcoin’s overnight pullback from three-week highs hit on Friday doesn’t mean the rally is over. The cryptocurrency is currently trading at $3,560 on Bitstamp, having clocked a three-week high of $3,711 on Feb. 8. The 4 percent correction was preceded by repeated failures at the 50-day moving average (MA) resistance, currently at $3,633. Even so, the prospects of a stronger short-term rally toward $4,000 look strong, as the price pullback has carved out a bull flag on the technical charts. That pattern represents a pause, which often ends up extending the preceding bullish move. A break above the upper edge of ... (full story)