Bitcoin (BTC) took a breather from its latest upside on March 26 after predicted resistance kicked in just under the yearly open.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
Bitcoin fakeouts: Third time’s the charm?
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD lingering around $44,500 Saturday, preserving the lion’s share of the week’s progress.
Traders had sounded the alarm on a possible retracement after a large sell wall appeared on major exchange Bitfinex. In the event, sell-side pressure prevailed, halting bulls’ advance at just above $45,000.
“Still waiting to see how price trades around yearly open. The prev times I targeted it we came up short but got very close although this time looks better for BTC. Almost there,” popular trader Pentoshi summarized.
Fellow Twitter user B C Richfield meanwhile highlighted the need to crack the current local high of $45,135, after two “fakeouts” on lower timeframes. A failure to do so, he argued prior to the high occurring, would be bad news.
Bitcoin total transaction fees chart. Source: Blockchain
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