Sun. Aug 7th, 2022

Check out the Coinlib technical analysis  March 3, 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 8885.20 as the bulls reenter the markets. Prices climbed steadily all week and continued to rally on Monday morning. After falling as low as 8479.30 where support held. Price climbed easily through 8615.50 and 8700.00 and then 8828 and look like they are headed to retest 9000. The next major resistance level is at 9085.50 but first traders will deal with the psychological key level at 9000.00. Price is holding above the 20-period moving average after MACD gave a sell signal when price touched 8979.80 but it was a simple retracement and price reversed and continued its climb.

Asian Session

The bullish momentum that prevailed during the Asian session on Monday appears to be taking a breather. Besides, Bitcoin bulls need a lot of power to clear the resistance formed by the channel resistance and another descending trendline resistance.

Short Term Trendline

Price has broken out of the short term trendline. After Bitcoin’s recent massive sell-off, the bulls lost the daily uptrend and have been struggling to see any sort of bounce. We have achieved the first step towards creating a daily uptrend again. Bitcoin did drop to a more crouched low on the daily chart but the bears got no continuation which shows they are not as strong right now. Just last week, the fell off a cliff, so to say, breaking below key supports at 9500, 9000, and 8700 as bulls provided no resistance to the selling pressure.

This Month

With a new trading month and the Halvening coming close, traders are expected to stop buying up BTC at low prices before the expected gains from the Halvening.

By barry