Sat. Jul 2nd, 2022

Check out the Coinlib technical analysis  February 25, 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.

At this writing (0500 GMT) Bitcoin (BTC/USD) is trading at 9590.00 holding to the bottom of its congestion zone. Price has been steadily moving down since the weekend as traders book profits and deal with indecision after a rejection at 10.5k. Support can be found at 9582.60 and then at 9211.13. Resistance zones are located at 9599.10, 9699.00 and then the biggie at 10k.

Price remains below the 20 period EMA but slightly above the medium term trendline. MACD is just giving us a buy alert.

Safe Haven

Many traders have been thinking that Bitcoin is showing the characteristics of a safe haven asset such as gold, but on Monday, the US stock market tanked as fears of the effects of the coronavirus continued to stress the markets. If Bitcoin was reacting as a safe haven, the value would have been expected to rise.

Halvening

We can expect buying at the $8600 level if hit, as traders are looking towards the Halvening event that should happen in mid-May. Traders will begin buying on lows as they expect the markets to surge to 11k as the date comes close.

Keep in mind that Bitcoin traded up by 28% in the last 20 days. Price climbed earlier this month and are trying to find equilibrium at this point.

Last week, Bitcoin fell from 10000 to 9700. then continued to trend as low as 9500 just minutes. Bitcoin must remain above the 9500 level to remain in a bullish cycle.

By Gerelyn