Bitcoin Trades in a Sideway Range

In our previous technical analysis, we have indicated to 9,612.00 level as a resistance pivotal level where Bitcoin was able to exceed this level till it reached to 10,500.00 level. And since that time, Bitcoin began to fall in a bearish channel range and broke 9,612.00 level to go in a downward trend till the currency reached 7,782.27.

Breaking 9,612.00 was a negative sign technically, as Coronavirus outbreak helped Bitcoin to go down as a result of the withdrawal of liquidity from the markets by investors and traders.

Bitcoin is currently trading at 7,906.01 by 6.38 GMT in a sideways range.

Bitcoin -BTCUSD- is testing a pivotal resistance at 9,126.00. In case the pair exceeds it, we can say the pair is positive.

Posted by Allddon on Thursday, March 5, 2020

Bitcoin Technical Analysis

  • Bitcoin trades in a sideways range.
  • 7,782.27 represents the current pivotal support level for Bitcoin.
  • 8,149.19 level represents the resistance level for Bitcoin.
  • Bitcoin is trading outside the bearish channel.
  • In case Bitcoin breaks the current pivotal support level 7,782.27, this will be a negative indication of the currency, where we may see Bitcoin falling towards lower levels.
  • In case bitcoin remains above the support level 7,782.27 and breaching the resistance level 8,149.19, this will be a positive indicator and support a bullish path.

Resistance Level8,149.19
Support Level7,782.27
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