Sat. Jul 2nd, 2022

Check out the Coinlib technical analysis  February 28, 2020  for  Bitcoin (BTC).

Bitcoin (BTC) ( US dollar )

The Coinlib price analysis is based on the chart below and the time of the analysis. The daily analysis is prepared by the Coinlib team. Barry Norman is the lead analyst along with Daniel Reggio and Yuri Alexeev. The team uses support and resistance levels, trendlines, 20 period EMA and MACD to make their determinations.

Analysis

At this writing (0500 GMT) Bitcoin (BTC/USD) is trading at 8805.70 gathering some traction this morning. Prices fell to 8605 before bouncing off its support level at 8479. The major support level held at 8615. Its difficult to tell if bitcoin holders will move into congestion or will slowly rise back towards 9000. The short term trendline supports a continued decline. Prices are bouncing all over the 20-period moving average giving no clues. MACD is also giving now strong indications of what to expect. Stock markets continue to fall for the 4th straight day on fears of the growing Coronavirus spreading globally.

The current Bitcoin price is 0.04% lower at 8805 recovering almost all of the morning session. Bears are in control of the short term as price managed to pierce below the 50 and 200-day moving average. The 8800 mark is the make or break level for bitcoin.

Support & Resistance Levels

The first resistance for BTCUSD stands at 8850 the daily top. Additionally selling pressure will be met at 9230 the 20-day moving average. A move above that level might test the next resistance zone at $9674 the high from February 25th.

Moving up initial support will be met at 8500 the daily low. If the Bitcoin price breaks below, the next support stands at 8280. A move below the 100-day moving average will attract more sellers, targeting the next support at 7740 the low from January 9th.

Over the last 4 days, bitcoin saw an increase in selling pressure below the 10000-pivot level. If the bulls fail to defend 8000, there are chances of a strong decline towards the 7000 and 6800 levels.

By Gerelyn