Bitcoin Price Technical Analysis (BTC/USD) Friday, February 8, 2019

During Friday’s session, the Bitcoin price reports an increase of + 1.56% in the 1 hour chart. We mentioned yesterday the possibility of BTC for playing the main support in the $3000 however has had a support and for those who were attentive, there was a long entry after the crossing of moving averages EMA 9/26 along with the RSI above 60 %.

At this moment there is a resistance in the $ 3428, although the price still does not touch the moving average of 9 periods, I think it’s too late to go long, since we could have a pullback before touching the main resistance.

Key Highlights

  • Bitcoin has a bullish move of + 1.56%
  • Price in area of ​​over purchase
  • The volume continues relatively low

Analyzing the BTC/USD chart in 1 hour time, we can observe the sudden recovery of BTC on a small scale, increasing above $ 3410.

It is clear that the price is in an overbought area so entering long at this time is not appropriate because the price is running out of strength, so it is better to wait for the pullback.

If the price is still in an area dominated by bears, today’s session progresses well and we could have a BTC increasing and holding above the 200 average.

BTC/USD Time Frame 1 Day

Technical indicators

  • Moving Averages EMA 9/26
  • RSI (Relative Strength Index) 77% (Overbought)
  • Support $ 3367
  • Resistance $ 3428

Legal 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.