Bitcoin Needs Price Gain for Bull Reversal in March

View Bitcoin created a bullish "Engulfing candle" last month, confirming seller exhaustion.

A bullish reversal would only be confirmed if price closes above $4,190 on March 31.

A bullish monthly close would open the doors to $5,000, although gains may be hampered by the crucial 21-week moving average, which is still trending south.

The prospect of a bullish monthly close above $4,190 would drop sharply if prices find acceptance under the 30-day moving average, currently at $3,900.

Bitcoin now has a high price target if it is to see a bullish reversal this month, price charts suggest.

Essentially, BTC created a bullish engulfing candle on the monthly chart following an 80 percent drop from the record high of $20,000 reached in December 2017.

Put simply, a long-term bearish-to-bullish trend change would be confirmed if prices close above the February high of $4,190 on March 31.

A UTC close above $4,190 on March 31 would confirm a longer-term bullish reversal and open the doors to the psychological hurdle of $5,000.

A failure to close above that key level would weaken the bullish case and could increase selling pressure.

The case for a monthly close above$4,190 would strengthen if prices establish a higher high above the March 21 high of $4,055 in the next 48 hours.