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Bitcoin Indecision – March 2, 2020 – Price Analysis

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Check out the Coinlib technical analysis  March 2, 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 8676.50 in the morning session as traders seem totally undecided where the price will be going, even though BTC has fallen for several days straight, the bears are not in control. The morning session is characterized by increased buying entries amid the building bullish momentum. BTC/USD is up a wee 1%

The 8480-support line remains dominant as bulls are waiting for a fall lower to buy up cheap coins. 8750 resistance is also holding, with 8800 the strongest resistance level moving forward.

MACD is on the positive note indicating some buying possibilities after issuing a crossover buy signal at the beginning of the trading session. Prices are now over the 20 period moving average.

Retracement Level

After breaking through 10k Feb. 9 and then peaking at 10474.20 Feb. 18, bitcoin has tumbled returning to levels last seen in late January. Traders had been focusing on the 8476.26 area, an important technical level that represents the 50% retracement of the move from 6430.00 to 10522.51, but this level was absorbed when price activity cratered to the 8428.80 area but price soon recovered above the 50% level.

Halvening

It does not appear likely but the market makers and whales are running out of time to pump BTC/USD higher before halving. If the S&P 500 (SPX) starts the week in green, that would be the greenlight for Bitcoin (BTC) to start rallying higher for the foreseeable future. The most probable scenario would be a rally towards 9.2k followed by a decline to 7.7k and then a rally again to 11.7k. as a halving of Bitcoin is just around the corner, many are convinced that the price will soar again.

The third ‘reward era’ will come right after it and people can’t wait for it to finally happen. This year, analysts believe that Bitcoin price will skyrocket like never before, meaning that it should exceed the rate of $19,783 that was reached back in December 2017.

 

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