Fri. Aug 19th, 2022

Check out the Coinlib technical analysis  March 4, 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 8833.50 as the bulls begin to gather toward the next target of 9000. Price has remained within a tight range between 8979 and 8759 over the last 24 hours as the bulls slowly start pushing prices upwards. The key level of 9000 is the next major resistance area with 8836 and 8850 in between. If a rally begins and can surpass the 9k level than we have strong resistance at 9085.50. If this level is breached we could rally all the way to the 10k figure.

Indicators

MACD has just shown a cross between the MACD line and the trigger giving a buy signal which might bring some additional buyers into the marketplace. Price remains situated above the 20-period moving average line.

Support can be found at 8828.40 and 8615 and then at 8600 so there is lots of support for price if the bears are thinking of making a run for it.

What To Expect

Today’s overall trading range is expected to be between 8828.40 and 9000.

The fundamentals seem to be having very little effect on the cryptocurrency market and bitcoin overall. There has been no reaction to the declines in the US stock markets after the US cut interest rates as well as the Australians in the hopes of battling the coronavirus economic effects. Despite the raging volatility of the global markets due to the coronavirus, Bitcoin is behaving in this rocky period, and over the past week, we had seen it trading between 8500 and 9000.

By barry