Fri. Aug 19th, 2022

Check out the Coinlib technical analysis  February 26, 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 9178.30 falling over almost $800 in the past 24 hours as traders sold off to book profits after bitcoin was unable to move back to the 10.5k levels.  As seen in the chart below, gold has been able to hold on to its gains and remains bullish after a slight retracement whereas bitcoin has moved into a bearish mode. Price is being supported at 9085.50 after nose diving through support levels at 9599 and 9500 and 9211.

Price declines did not waiver as passing key psychological levels. Traders might be pushing prices down in the hopes of buying at the lowest level possible before we move into Halvening mode. Bitcoin has rebounded to the upside for a minute this morning, which reiterates the bullish sentiment surrounding the digital asset ahead of this summer’s halving event.

Gold vs. Bitcoin

Technical analysis shows that Bitcoin is still under pressure and could dive farther towards the critical 9,000. Price is trading under the moving averages where the 20 SMA is exerting pressure at 9,563.70 on the hourly chart. An average amount of volume followed the recent 2-day drop. So far, everything is under control and looks like a deeper correction.

Price traded below 9,100 and formed a new weekly low at 9,087. It is currently consolidating losses.

MACD is gaining strength in the bullish zone.

By Gerelyn