Bitcoin Price Technical Analysis (BTC/USD) Thursday, February 7, 2019

There is not much to say about the Bitcoin movement during the last hours. The price remains in a bearish area below the average of 200, the recovery of the price from the technical point of view is not very visible in the short term although we must bear in mind that the fundamentals work very well for the crypto market.

Key Highlights

  • Bitcoin continues in a bearish area
  • RSI below 50%
  • There are no fundamentals that move the price

Analyzing the BTC/USD chart in a 1-hour timeframe, we can appreciate the strong bearish pressure exerted on the price of BTC. While the session is under domain of the bears, there are also no clear entries for a short sale since the entry point should have been taken at $ 3420.

Likewise, yesterday’s analysis is best to look at other Altcoins waiting for BTC to have greater volume and fluctuation, although this depends on each trader.

BTC/USD Time Frame 1 Day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (relative strength index) 47%
  • Support $ 3350
  • Resistance $ 3383

 

Disclaimer

This analysis should be used as an information medium; it does not pretend to be an investment advice. Investing in cryptocurrencies is highly risky; avoid investing the money that you cannot afford to lose.