Fri. Aug 19th, 2022

Check out the Coinlib technical analysis  March 6, 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 9091.50 as the bulls continue to slowly return to the market. The massive influx of demand created by fundamentals from India and South Korea are tilting the supply and demand curve with both countries allowing cryptocurrency investing and trading.

Increased Demand

This tip in demand although not a technical issue explains helps explain the current bull rally. Prices have been able to remain above the 9000 level as well as a key resistance level at 9085 and it looks like we might get a run to 9200 in todays trading. The next significant resistance level is at 9211. Support remains at the 9k price and then at 8828.

Technical Indicators

The 20-period moving average is also act as support while MACD is giving no clues at the moment. The trendline established on the low of March 2nd remains intact. The cryptocurrency reached an intra-day high of 9172.14 on Thursday and this morning price rose as high at 9176.00. Bitcoin needs to breach the 9085 resistance then then move on to its next level and then it will be set up to tackle 9500, 9800 and then possibly the 10k price once again.

If the rally continues we will see strong resistance at 9300 and 9500. So let’s keep an eye on this key level. We need to also keep our eyes on volume to get any clues, we need a strong commitment from the buyers that momentum is gathering.

 

By barry