Check out the Coinlib technical analysis March 5, 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 8942.10 as the Asian session ends for the day. The bulls are once again returning to the market and we can see a definite bullish tone returning to Bitcoin prices. The next key level will be the 9000 psychological barrier and then on to 9085.50. We saw price top out at 8951 this morning. On the flip side support at 8740 is definitely supporting price movements.
Price is well above the 20-period moving average line and MACD is well above the 0 line and is bull positive. We have a nice short term trendline developing from the bottom on March 2nd, and there have been several touches so we can validate this trendline.
At this time BTC must overcome the 9000-price level to make any longer-term goals. The bulls have lacked the power to push Bitcoin price above 9000. The primary cryptocurrency has, nonetheless, stabilized above $8,800 despite the fears that the Coronavirus may become a global pandemic.
If the bulls fail to hit the jackpot at 9000, sellers are likely to swing in and take charge of the joystick. A reversal still hangs in the balance