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Bitcoin Shows Signs Of Recovery – February 29, 2020 – Price Analysis

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Check out the Coinlib technical analysis  February 29, 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 8790.20 after bouncing off of a low of 8452 yesterday. Traders are defending the 8500 level and after touching the buy zone as noted on the chart the bulls returned to buy up Bitcoin at a cheap price. Prices should continue to gain slowly this week to recover into the 9000-9200 mark as traders accumulated positions before the Halvening scheduled in early May. At 8450 MACD issued a buy signal and prices are now trading above the 20-period moving average.

The short term down trends continues to hold. Significant price movements today, should be between 8650 and 8479. BTC is facing difficulties near 8760 and a major bearish trend line on the 2-hours chart. a clear break above the 8975 and 9000 levels is must for more upsides in the near term. The next major hurdle for the bulls is seen near the 9220 level.

Recovery

The recovery from 8509 is encouraging as it shows the support at 8500 is holding and the shorter-time frame shows the moving average convergence divergence (MACD) attempting to pull out from oversold territory.

If price falls below the moving average and below the support at 8500, If the bears remain in action in the coming sessions, there is a risk of a larger decline below 8422. The next key support is near the 8240 level. Traders will then look for a bounce at 7991.

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