Bitcoin (BTC) Price Analysis (February 27)
- BTC/USD trade operations still feature in a bearish outlook.
- There may soon be a consolidation price move in the BTC/USD market.
- The price point at $9,000 remains the key technical spot in determining any tangible upsurge in the BTC/USD crypto-trade.
Bitcoin (BTC) Price Analysis
• Major resistance levels: $10,000, $10,500, $11,000
• Major support levels: $8,000, $7,500, $7,000
The BTC/USD market operations yet trade in a bearish outlook until the present. The currency pair hair has now been trading close to a support price line at $8,500 value.
The US dollar may continue to exert more pressures downward to touch the major support level at $8,000 mark, possibly while the market consolidates around the level earlier mentioned. The BTC/USD market bulls may now be taking their time to rebuild energy from around the $8,000 major support level afterward.
Bitcoin (BTC) Technical Indicators Reading
In the near trading formation, it seems that the BTC/USD market will have to witness variant degrees of price consolidation movements soon. The 14-day SMA trading indicator still points towards the south direction underneath the 59-day SMA trend-line. Yet, they both point to the south to indicate that the selling forces are not exhausted completely. The Stochastic Oscillators have dipped into the oversold region to seemingly begin a consolidation move within it. That signals a need to be cautious in ordering any trading positions.
The BTC/USD key technical value at $9,000 remains above the crypto’s point shows that the bulls could not stage a quick come-back in the market. The 14-day SMA affirms the confirmation of the $9,000 technical spot in determining any potential upsurge of this trade. Nevertheless, traders should continue to be wary of the possibility of being whipsawed while considering a short-entry position, especially if a low value at $8,500 eventually breached downward.
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.