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Check out the Coinlib technical analysis  February 27, 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 8746.40 after two days of dramatic declines. BTC has fallen from 10.5k in just over 2 weeks. The price slide is mirroring Fib retracements levels as we watch the 1-hour chart. We can see that the retracement has moved into a full fledge down trend. Market gossip, says it is the major buyers who are booking profits and pushing prices down ahead of the Halvening event scheduled in sometime in early May.

Buy Zone

There is a buy zone between 8500-8400 which should be the price that brings buyers back into the market. The next major support level is at 8479.30. The start of the bullish uptrend was at 8300 on January 24th and it is most likely there that we will see a double bottom form.

If bears continue to dominate we could witness a decline to 7760. We can define the ultimate bottom at 6925 from January 3rd which was the beginning of the bullish recovery and the return to the markets after the holiday season.

Indicators No Help

With prices falling as quickly as they are our indicators are not as helpful as we would like price of course remains below the 20-period moving average and MACD is giving some false signals and indications of buys as prices bounces a few pips but no tradable signals.

The theory that BTC was becoming a safe haven asset has been blown to bits, with gold holding gains well above the 1600 and 1650 level and the SP 500 falling for a 3rd straight day.

By Gerelyn