Bitcoin, at the time of writing, was trading above $9,700 and observing a price accumulation after hitting the weekly lowest at $9,200. However, if the coin witnesses even gradual lows within the accumulation, the price of interest would be $9,300 and $9,000 within $9k to $10k.
You should be aware of potential price-levels if the $BTC pullback continues
Areas of interest include:
$8600 to $8700
$7900 to $8200
Since May 2019, the most buying/selling volume occurred between $7900 to $8200
With $8200 being a key horizontal support on weekly chart
— Josh Rager 📈 (@Josh_Rager) February 20, 2020
Now, if we carefully watch out the numbers in the above tweet by Josh Rager, we see that the trading price of interest remains between $7,900 and $8,200 as the maximum hands have been exchanged within the range since May 2019. Therefore, this gives a sure shot conclusion that if we don’t accept dumps in between, we do not deserve price pumps ahead.
Bitcoin Price Analysis
Taking a glance at the 2-hourly movement of BTC against US Dollar, we see that the coin is facing moderate volatility and a “death crossover,” leading to price accumulation. Bitcoin price has got no steady support from the imminent moving averages and is slightly below 38.20% Fib Retracement level. The consistent higher highs formed seemed to have converted into consistent lows as bearishness pushes in. However, the intraday trading on BTC has turned out to be quite a gainer as the BTC value rises towards hitting $9,800 and above soon. The “golden crossover” on the daily chart is the hint towards the Bull Run that seems approaching subject to volatile pullbacks.
The MACD of Bitcoin holds an intraday bullish divergence as the MACD line cuts above the signal line on the hourly BTC/USD chart by Coinbase.
Similarly, the RSI of the coin is seen rising above the support point and is laid at 50.56, showing no trading extremities at present.