5 March 2020 Analysis (Forex, CFDs, Cryptocurrency)Bitcoin (BTC)BTC/USD (Bitcoin)
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 :
8950 – Last price
Warning : This information isn’t a buy-sell signal. Please use this information for the trade guideline.
Source : Trading Central
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