Bitcoin Traders Sitting Tight – March 6, 2020 mid-day – Bitcoin Price Analysis
March 6, 2020
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.
At this writing (0500 GMT) Bitcoin (BTC/USD) is trading 9114.00 at the top of its trading range today. Prices have been sitting in a very tight range between 9085 and 9211.30. Traders seem unsure how far to push prices upwards after the slow rally over the past several days. The price has failed to break past the resistance at $9,156 while altcoins rallied successfully meanwhile. This is something that we have seen multiple times now. Whenever BTC/USD tops out, we see altcoins rally just a little more against Bitcoin (BTC) and then it all comes crashing down.
Since the start of March, market fundamentals have suggested that the asset is slowly breaking away from the short-term bearish rally. Now, according to the report, Bitcoin’s Reserve Risk is exhibiting low levels on the chart, a finding that suggests an attractive risk/reward ratio for any current investment in Bitcoin. The bulls have had a good week this week and have negated a price downtrend on the daily bar chart. BTC is stuck in a range at the moment after flipping the 9000 support. Should Bitcoin break above 9150 which it has almost already done, the coin may then head higher – towards 9400.
In just a few months, the halving on the Bitcoin blockchain will divide miner rewards by two, to 6.25 BTC. While the historical price impact of a halving on the Bitcoin blockchain has seen strong increases in price over time, the community is still debating whether or not this 3rd reduction of miner rewards will have a different impact on the price of the most popular cryptocurrency. While the halving will definitely act as a price catalyst for Bitcoin’s next leap higher