After having the support around 9,500 USD, BTC had many days trading above 10,000 USD with the highest high in 2020 is about 10,550 USD up to now. However, last weekend, we began seeing a correction of BTC price.
Look at daily chart, we can see BTC access to the overbought zone of RSI in some days and have a light bearish divergence from Feb 09th, 2020 to Feb14th, 2020 as well as MACD gives a signal of price decline from Feb 16th, 2020. Therefore, in the case. BTC cannot hold the current price arout 9,700 USD, we maybe see it access to 9.070 - 9.280 USD. Losing this region, BTC more likely test MA and volume zone at around 8,800 - 8,900 USD.
We also see the golden cross of MA50 and MA200 is in the first days of forming and hence, if the price is hold at mentioned above zones or current zone, BTC can increase and test resistance around 10,300 - 10,500 USD. If this zone is supported, the price can test 10,800 - 11.200 USD before we see another price actions.
In the case, the MA200 can not hold the price, BTC likely find other supports at 8,500 and 8,000 USD.
P/s: Non investment advice here (NIAH ^^).
Look at daily chart, we can see BTC access to the overbought zone of RSI in some days and have a light bearish divergence from Feb 09th, 2020 to Feb14th, 2020 as well as MACD gives a signal of price decline from Feb 16th, 2020. Therefore, in the case. BTC cannot hold the current price arout 9,700 USD, we maybe see it access to 9.070 - 9.280 USD. Losing this region, BTC more likely test MA and volume zone at around 8,800 - 8,900 USD.
We also see the golden cross of MA50 and MA200 is in the first days of forming and hence, if the price is hold at mentioned above zones or current zone, BTC can increase and test resistance around 10,300 - 10,500 USD. If this zone is supported, the price can test 10,800 - 11.200 USD before we see another price actions.
In the case, the MA200 can not hold the price, BTC likely find other supports at 8,500 and 8,000 USD.
P/s: Non investment advice here (NIAH ^^).
