Bitcoin, at the time of writing this analysis, continued to trade above $6.5k at $6,650.93 along with the price accumulation above 50.0% Fib Retracement level. Amidst the global crisis, the BTC price trend has drawn a high at $9,200, low at $3,800, and relief support at $6,500.
Analyzing the 4-hourly movement of Bitcoin Price against the US Dollar, we see that the coin started the month with a price accumulation until a gradual and steep fall around the yearly low. However, towards the end of the month, the price of BTC is again seen accumulating yet remains above 50.0% Fib. On the 4-hourly chart, the coin has retained support from the 50-day MA, while the 200-day day MA lost its traction as the price of Bitcoin nosedived.
Just when Bitcoin dipped to the nearly lows, we saw some major altcoins fetching losses as they lost a colossal amount due to market volatility. Just when the entire world is hit by trauma from the spreading of COVID’19, BTC, and other altcoins of the global crypto market are seen making the most of this situation yet negative.
The 20-day Bollinger Bands laid are seen squeezing, and we believe that there is going to be a price explosion sooner or later, which is embraced with a “death crossover” for Bitcoin. Do we conclude that there is going to be a downside break, stating the financial crash that the world is facing when all the investments are facing a major sell-off?
The other technical indicators laid confirm the price accumulation as the MACD and the signal line have turned flat, and the RSI stands at 54.38 with no direction until a major price explosion takes place. Many experts suggested that it is the right time to invest in Bitcoin and make more profit from it. You can count on the Bitcoin Code platform from where you can invest or buy Bitcoins and make huge profits from it. It is the kind of platform that focuses on making a profit from Bitcoin.