Bitcoin to USD ( BTCUSD ) Weekly Outlook , March 12 2019
BTCUSD Forecast and Technical Analysis & Fundamentals for Bitcoin
Bitcoin BTC HODLers are faced with fear, uncertainty, and doubt as the number one cryptocurrency hits resistance sending the exchange rate crashing south on all bitcoin brokers.
In this post, we’ll expose the key chart patterns, technical support, and resistance levels as well as look into recent effects of the coronavirus on the crypto ecosystem.
BTCUSD Technical Analysis
The Bitcoin price historically continues in the upward direction after break beyond a significant resistance level, such as the recent $7772.71 level. However, last month February is an exception, as the bulls could not sustain the initial thrust from the breakout.
Upon hitting the $7772.71 resistance at press time, we expect the level to offer support for a continuation of the first breakout in January and head for the $13880.00 price objective in the second quarter.
The above weekly chart overview shows the BTCUSD hitting the $10350.00 resistance, and later exits the overbought area after a breakdown of the 17 Feb ’20 support ($9312.00).
Bearish momentum continued throughout last week, with the bulls slowly losing their hold on the market.
A continuation of the price slump below the $6425.00 support will confirm a complete take over by the bears with no sign of recovery in the near term.
For now, we could anticipate a bounce off the $7495.00 threshold as the bearish price volatility decelerates this week.
Following a price slump from a regular bearish divergence on 13 Feb ’20, BTC bulls forced the exchange rate out of the oversold area and attempted to restore the price.
However, not too long before the bulls could find their rhythm, the bears signaled a hidden bearish divergence setup alongside a collapse of bullish support on 07 Mar ’20.
The increase in selling pressure sent the Bitcoin price back into the oversold area, and the bulls anticipate another likely bullish reversal pattern this week.
An exit of the oversold area, as well as a golden cross of the stochastic indicator, would be our signal to resume the earlier bullish campaign going forward into Q2.
Search for ‘Bitcoin Coronavirus’ Beats Traffic for Search for ‘Bitcoin Halving’
The search term “bitcoin halving” has been overtaken by the odd phrase “bitcoin coronavirus” on Google Trends.
According to data on Google Trends, the majority of the traffic for the search term is coming from Europe. The data shows that indicates that Switzerland, Austria, and Ireland are the three countries with the most searches for the term.
Germany, Singapore, Australia, and Canada are also other countries leading the way in the number of searches for the phrase, while the United States is in 13th place.
Elsewhere, data from Google Trends also reveal that more queries have been made for the Bitcoin BTC forthcoming halving than that of Ethereum’s (ETH) future ETH 2.0 overhaul.
A twelve (12) monthly search-query for the terms ‘Bitcoin halving’ and ‘ETH 2.0’ on Google Trends shows that search traffic for the phrase “Bitcoin halving” appears to have been rising steadily over the past months. This goes on to suggest that the event may be more valued within the markets this at this point.
Conclusion and Projection
The recent contribution of Binance to the fight against the coronavirus through the Binance charity Binance for Wuhan shows that cryptocurrencies and blockchain-related institutions can be deployed for the good of humanity and help bring about a decline in the death toll from the virus.
Recent price slump in the Dow may turn investors’ attention towards Bitcoin BTC and other crypto-based asset classes in the next quarter.