Bitcoin Technical Analysis : BTC/USD 5 March 2020

5 March 2020 Analysis (Forex, CFDs, Cryptocurrency)Bitcoin (BTC)BTC/USD (Bitcoin)

Bitcoin Technical Analysis : BTC/USD 5 March 2020

Bitcoin Technical Analysis : BTCUSD

Date : 5 March 2020

Pivot point : 8805

Our preference : the upside prevails as long as 8805 is support.

Alternative scenario : the downside breakout of 8805 would call for 8634 and 8532.

Comment : the RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the pair is above its 20 and 50 MAs (respectively at 8843 and 8791).

Supports and resistances :

9368 **
9266 *
9164
8950 – Last price
8805
8634 *
8532 **

Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.

Source : Trading Central

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