Check out the Coinlib technical analysis February 24, 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 9755.80 and remains within a very tight range as traders are unsure where to move. Bitcoin has been trading between 9600 and 10000. Price continues to get rejected at the 10k level. Bitcoin is expected to continue its congestion today. We can expect support at 9657.00 and 9600 with 10k being the top goal. Bitcoin seems to be consolidating above its 20-day EMA. Following some positive price action earlier in the week, some are suggesting that the bear market may be over and Bitcoin will push higher again.
The daily chart remains positive with a series of higher highs and higher lows made since the end of last year. Bitcoin also broke above a longer-dated lower high made on October 28, 2019. If Bitcoin can consolidate above the $9,500 level in the short-term, the market may look to press higher.
We can see that the daily volume candles are declining. Weekend trading had carried a minor amount of volume. This might be a sign that the next Bitcoin move is ahead. As a reminder, during weekends, the trading volume tends to be lower. If we see a break above 10,000, there is a chance that a rally could be kicked off with highs above $11,000. As we count down the days to the halving event in May, analysts are unsure of its effect on the currency.
MACD is somewhat useless in this consolidation period as denoted on our charts above.