Bitcoin (BTC) Price Analysis (February 28)
- BTC/USD market operations have been hovering close below $9,000 value.
- The BTC/USD pair now appears to set a stance for a possible rebound.
- A reversal from the touch of a low at $8,500 mark may lead to breaking the critical technical line at $9,000.
Bitcoin (BTC) Price Analysis
• Major distribution territories: $9,500, $10,000, $10,500
• Major accumulation territories: $8,000, $7,500, $7,000
BTC/USD market operations have been hovering close below $9,000 value about a couple of trading hours. The most-famous cryptocurrency lost its worth to the counter currency down to the tune of $8,500 mark lately.
The pair now appears to embark on setting a stance for a possible rebound between price territories of the $9,000 and $8,500. Meanwhile, there is an indication that the BTC/USD trade hasn’t gained strong grand to witness quick reversal from the recent selling pressures until the present.
Bitcoin Technical Indicators Reading
The trading activities between Bitcoin and the US dollar yet seemingly appear not to have been doused from a falling pressure. The reason is that the crypto has weakly managed to rally from the low of $8,500 mark to tightly near the 14-day SMA trading indicator from below. The 50-day SMA trend-line is on top of the smaller SMA at around the $9,500 value. The Stochastic Oscillators have moved up from oversold region to briefly point toward the north-east direction. That signals the possibility to see the BTC/USD price in a consolidation moving formation soon.
The positions of the SMA indicators of the BTC/USD trade signify that the undervaluation trading process still relatively hides in this crypto market. In the meantime, the price territories between $9,000 and $8,500 lines may feature a chain of range value movements. If the BTC/USD bears will have to move southward further, it’ll be from the $9,000 upper range point. Like wisely, a reversal from the touch of a low at $8,500 mark may lead to breaking the critical technical line at $9,000.
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.