Bitcoin Price Analysis: BTC/USD Is Only This Fibonacci Level Away From Rocketing Past $9,000
- Bitcoin price throws jabs at the 61.8% Fibo resistance to clear the path for gains past $9,000.
- Technical levels continue in favor of the bulls amid gradually increasing buying entries.
Bitcoin price is back in a bullish zone which will act as the stepping stone for a rally above $9,000. BTC/USD is exchanging hands at $8,937 (on Coinbase exchange) after trending higher 2% on the day. The trading in the last couple of days has mostly favored the bulls. However, the buyers have lacked the power to pull Bitcoin price above $9,000. The largest cryptocurrency has, nonetheless, stabilized above $8,800 despite the fears that the Coronavirus may become a global pandemic.
Bitcoin’s immediate upside is limited by the 61.8% Fibonacci level, taken between the last swing high of 10,524 and a swing low of $6,431. Penetrating the congestion of buyers in this zone is definitely going to pave the way for gains above $9,000, Other resistance zones to watch include $9,100, the 50-day SMA at 9,302 and $9,500.
BTC/USD daily chart
Meanwhile, technical analysis shows that the bulls are ready for action especially when the up-trending RSI is considered. The moving average gap between the 50-day SMA and the 100-day SMA speaks of the influence the buyers have over the price.
On the other hand, the bulls fail to hit the jackpot at $9,000, sellers are likely to swing in and take charge of the joystick. A reversal still hangs in the balance and, therefore, having support levels to watch is vital for traders. The first support, in this case, is $8,750, followed by $8,600, then 50% Fibonacci level at $8,480, the 100-day SMA at 8,396 and lastly $8,200.
Technical levels continue in favor of the bulls amid gradually increasing buying entries.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Thu, 05 Mar 2020 03:54:17 +0000
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