Resistance levels of 9000 $ Bitcoin risk a bearish start. Technical analysis
We are presenting an analysis of the market's Bitcoin analysis from analyst Mikar Gabowo. In the article, he predicts the development of the situation in the crypto currency market: Bitcoin was last week in the market, there was a lateral trend at a narrow price range, but the probability of going down to $ 8000 is very low.In the written time, the average market value of Bitcoin was 8-306, lower than the previous closing price (according to UTC) - 880 $ 380
Nevertheless, the technical analysis of the chart indicates that the downfall is most likely, although the 50-hour chart's 4-MA chart is capable of supporting the cryptosystem of 8 200 USD level.
4 hoursGraph indicates that Bitcoin will be harder than the level of $ 8,943 (38,2% Fibonacci Retracement).
Relative Energy Index (RSI) Bottom Down Triangle Below
On the other hand, 50-MA has already reached the bottom point and is ready to exceed the 100-m below (bullish crossover). Crossover can happen within the next few hours if BTC is managed to move above $ 800.
A bullish breakout can not necessarily increase by $ 10, Bitcoin can face a tough hurdle at 9 280 to 9 470 dollars:
Reduction 5-week running average of 9 210 dollars
200- Permanent average - 9 284 dollars
The resistance level of the pattern "double top" (previous support level) is 9 280 dollars (lowest 25 February).
The 50-year average of $ 9392 creates resistance.
Reduce 10 weeks of Moving Everest level is
9 411 dollars
50-percent revision ends Fibonacci - 9 470 dollars
So, this will make it possible for a self-sustained increase of $ 200 for a daily bond of $ 9 470 (according to UTC) $ 200.
On the other hand, encourages to carry a drop below $ 200 USD and may be due to sell assets of $ 240 (at least 18 March).
Weekly scheduleIn the weekly chart, before external position and negative continuity, as well as 5-week MA and 10 weeks of MA, the situation controls predictions. In addition, candles have a long high shade last week, which indicates that potentially strong for reducing price.
What to expect in the future?
Obviously, BTCXxxxxx will lose support at the dollar level and this week will check the sign of $ 200 (recent low).
Weekly charts support for a drop of $ 6 600 (weekly 50 MA).
Intraday Bullish scenario: Increasing level of $ 550 USD (4-hour 50-M) can be re-examined for $ 917 and $ 219 (up to March 200).
Only a quick increase of $ 9 470 will signal a risky breakout and it will be able to reach 10 $ 200.