Bitcoin (BTC) Price Analysis (February 20)
- BTC market valuation has again declined as paired with the US dollar.
- The BTC/USD Price is seemingly now forming a bearish reversal moving mode around $9,600 and the $9,200 market trading levels.
- If the BTC/USD market bulls cannot recover from a low $9,200 price point, then the market may potentially expose to a further free-fall afterward.
Major resistance levels: $10,400, $10,800, $11,200
Major support levels: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
BTC/USD trade eventually went dip during the last trading hours yesterday. The crypto suddenly dropped from pivot point a bit over $10,000 price level to average the $9,200 major support level on the same trading day’s sessions.
Price is now forming a reversal moving mode around $9,600 and the $9,200 market trading levels. The BTC/USD market bulls have to build up muscles against the bears. Otherwise, there could be a further fall that may see through the major support levels.
Bitcoin Technical Indicators Reading
A 4-hour Japanese bearish candlestick had occurred in the BTC/USD market to breakdown the two SMA trend-lines southwardly. And, that has dictated the level at the market pressurized downward as the 14-day SMA is underneath 50-day SMA.
The two SMAs are closely located. The Stochastic Oscillators have moved downward. And, they now seemingly attempt to cross the hairs within ranges of 40 and 20. That signifies the possibility of seeing a series of range price movements around the $9,600 and $9,200 price levels in the meantime.
Over time, the BTC/USD trading operations have been actively taking place between $10,400 and $9,200 price levels. In that wise, it would be technically ideal for traders to be wary of those two key points. And, being as it is, the buyers in this crypto-market may be wittingly preparing to make a come-back during consolidating sessions that are most likely to feature around the $9,600 and $9,200 market points.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.