BTC/USD Technical Analysis February 26

26.02.2020 11:06:09

Bitcoin could not hold above the support level of $9500. At the time of publication, the price of Bitcoin is $9140 and may fall below the $9000 mark.

After falling below $9500, the price of bitcoin easily overcame the $9350 mark, closing below the 100-hour moving average. After that, the price of Bitcoin broke the 9225 marks, which allowed the price to drop lower. And it looks like the price of Bitcoin plans to test $9000. In case of a breakdown of this level, we can see the price movement in the region of $8500.

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Today, the price of bitcoin has already formed a weekly low at around $9074. In this situation, Bitcoin will need to rise above the levels of 9380 and 9400 dollars in order to start new growth. However, the main resistance is located in the region of $9500, above which the bulls are unlikely to rise.

On the other hand, the level of $9000 provides sufficient support for Bitcoin. But if the price breaks this level, then we expect another 5% price reduction.

The MACD technical indicator is gaining strength in the bullish zone. And the watch RSI is near oversold levels. This suggests that all the same, the bulls will try to maintain the level of 9000.