Bitcoin (BTC) Price Analysis (February 24)
- BTC/USD pair currently trades in a range moving outlook around $10,000 and $9,600 market levels.
- A breakdown of the lower range point at $9,600 will let the pair find support between $9,200 and $8,800 price levels.
- Traders are to be on the lookout for a bearish reversal formation of this crypto-trade around the major support levels before considering a decent long entry.
Major resistance levels: $10,400, $10,800, $11,200
Major support levels: $9,200, $8,800, $8,400
Bitcoin (BTC) Price Analysis
Bitcoin’s price has continued to trade in a range moving outlook around $10,000 and $9,600 market levels. The market had earlier fallen from the $10,000 upper range level to touch the lower range line at the $9,600. Price yet hovers within the range levels.
In the meantime, both the bull and the bear are weak in energy to shape the BTC/USD market in a definite direction. A breakdown of the lower range point at $9,600 will let the pair find support between $9,200 and $8,800 price levels.
Bitcoin Technical Indicators Reading
The crypto’s value is currently facing resistance at $10,400 mark. Both the SMAs have currently located within the $10,400 and the $9,600 lines. If the 14-day SMA succeeds in crossing the 50-day SMA from below, the bull will set its path to the $10,400 mark. On the contrary, a downward curve of the smaller SMA at the touch of the 50-day SMA from below will signal the possibility of breaking the $9,600 lower range point.
The Stochastic Oscillators have slantingly crossed the hairs from the overbought region. And, they now briefly point to the south-east direction. That’s an indication that the BTC/USD market is in a consolidation moving mote.
As at the time of writing, the SMA trend-lines and the Stochastic Oscillators indicate the BTC/USD will potentially continue to contend with a series of consolidations. The current closeness between the trading SMAs signals a chance to see more featuring lower lows in this market. And, in the medium-term run, it could lead to a significant fall in the BTC/USD trade afterward.
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.