Bitcoin to USD ( BTCUSD ) Weekly Outlook , February 29 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
The total cryptocurrency market cap drops from its Feb high at $306.5 B (-23.3%), leading to a negative ripple effect across the entire FBS platforms last week. Also, the city of Lagos, Nigeria, reports its first exposure to the novel coronavirus.
Come along as we uncover some of the key technical levels and interesting news events, creating a buzz in the crypto space.
BTCUSD: Technical Analysis
Bitcoin BTC hit the $10350.00 mark and couldn’t make new highs. The number one digital asset began to lose steam and sharply recoiled below the $9k round number threshold.
Mid-term bearish sentiment across bitcoin broker terminals appear to be on the rise as the month comes to a close.
The BTCUSD didn’t stay long in the weekly overbought zone as expected, as the decrease in miners’ reward caused the price to plunge below the crucial $9K support.
An increase in the coronavirus outbreak appears to come with a parabolic action as investors interpret the effect on the market differently.
The Bitcoin BTC still serves as a hedge against the uncertainties that come with the virus outbreak from an overall point of view, and we maintain a positive stance towards our long term bullish position on the BTCUSD.
We hold on to our long orders, as long as the divergence support remains intact.
The above hidden bullish divergence setups flagged on the daily time frame collapsed to an increase in selling power, forcing the Bitcoin price into the oversold area.
This intermediate bearish price slump on the daily time frame is believed to create new lows for bulls to add to their open position.
However, we’ll suggest waiting for an exit of the oversold area by the stochastic oscillator as a signal to consider re-entry into the bullish cycle.
Peter Brandt Warns that 200 DMA Loss’ is a Significant Issue’ As Bitcoin Clings to $9K
Bitcoin (BTC) struggled to sustain support at $9,000 on February 26, as analysts sought proof that more meaningful levels would remain intact.
According to data released by Coin360, BTC/USD is reported to have briefly fallen through the $9,000 mark several times on Wednesday, February 26.
It has taken just three days for the price of Bitcoin to lose this significant sum as the price has fallen over by over $1,000 since the weekend.
At press time, BTC traded at $8,995, meaning a 4.3% drop on the day.
Despite trader optimism due to the uncertainty caused in the traditional market due to coronavirus, Bitcoin continued to fall in step with the broader economy.
Traders, as a result, are increasingly turning their attention to long-term watershed value points, particularly the 200-day moving average, which currently sits at $8,789.
Meanwhile, legendary trader Peter Brandt has stated that Bitcoin staying silent as gold made profits should have already made traders cautious.
Tweeting on Wednesday, Brandt revealed that the fact that Bitcoin couldn’t rally in the face of the drop in equities and advance by Gold prices was a sign of a bearish movement.
Conclusion and Projection
Though the Bitcoin price hovers below Feb opening price at press time, the set $6472.66 support should hold the price from a free fall from a long term perspective, therefore sending the pair to our primary price target at $13,880.00 on all Bitcoin broker terminals.