2020-2-17 13:50 |
On Feb 15, the Bitcoin price created a bearish engulfing daily candlestick and broke down from its long-term ascending support line. It has been decreasing since.
Bitcoin Price Highlights The Bitcoin price broke down from a parabolic ascending support line. The price also broke down from a short-term ascending channel. A golden cross is about to transpire. There is minor support at $9,750 and major support between $9,000-$9,200. Long & Short-Term BreakdownOn Feb 15, the Bitcoin price broke down from the parabolic ascending support line it had been following since Dec 15, 2019. An interesting thing to point out is that the Feb 13 high coincided perfectly with that reached on Oct 23, 2019, prior to a significant price decrease.
While there is support at $9,500, the most significant support area is found between $9,000-$9,200. Besides having acted intermittently as support and resistance, this area is supported by the inevitable bullish cross between the 50 and 200-day moving averages (MA), which is slightly below this support area.
In the short-term, the price broke down from an ascending channel. The breakdown did not transpire with significant volume.
Currently, the price has reached the minor support area of $9,750 and has made what resembles a double bottom inside it.
Future MovementWith the use of the hourly chart, we can see that BTC is trading inside a descending wedge. While we could first see a breakout in the form of a relief rally towards $10,000, the price is expected to decrease and reach the previously mentioned support area at $9,000-$9,200.
This hypothesis is supported by the bearish cross of the 50 and 200-day MAs since both are currently offering resistance to the price.
To conclude, the Bitcoin price broke down below an ascending support line, possibly signalling an end to an upward move that has been going on for almost two months. While a short-term upward move is likely, the price will most likely eventually fall to $9,000-$9,200. The long-term outlook remains bullish, and Bitcoin looks poised to reach new highs throughout 2020.
For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
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