Check out the Coinlib technical analysis March 1, 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 at 8605.00 as traders show major indecision after BTCs rapid decline this past week. BTC/USD has been trading in a tight range. The price has been fluctuating between 8400 and 8800.
Coronavirus seems to be turning the attentions of Bitcoin players elsewhere. Market sentiment is risk off, as traders and investors are trying to figure out the financial implications as the virus spreads.
The slight price gains over the past 2 days could mean a shift in sentiment, but it is too early to tell. It seems we already found the bottom at 8450.00 and could be making our way towards a mid-term move to the upside. if more buyers emerge, the crypto’s price will rise towards the 9000-resistance level. A break above the 9000 level could see the price surge towards 9300 and 9500. On the downside, if the bears break the range-bound movement, the market is likely to fall to the next support at 8200 or 7800.
The Moving Average Convergence Divergence are above the zero line which could indicate a buy signal.
The crypto market remains vulnerable to a sizable correction after a near 50 percent rally since December 2019. It remains uncertain if macro events play any role in the price trend of bitcoin or crypto. But, the coronavirus outbreak has had a negative impact on all asset classes across all sectors, regardless of risk-on or risk-off assets.
Gold, for instance, fell along with stocks over the past week, as investors started to panic sell all major assets as a response to rising fear against coronavirus and the possibility of a pandemic.
The bottom line is that if Bitcoin breaks below the 8400-price level, the selling pressure will resume.