- Bitcoin, at the time of writing this analysis, was trading at $8,302.80 on Coinbase
- The current trading price loses short and long-term support from the daily moving averages
- The BTC/USD price trend fall below 61.80% Fib Retracement Level as it approaches to form the right shoulder around the trading price of $7,300
- The immediate support falls at daily 50-day Moving Average as it appears towards the left shoulder
The extensive analysis since the previous year shows that the coin is getting ready for a Bull Run soon, as observed from the projected H&S forming. This can be used to predict the trend before the halving that is upcoming in the month of May and the scarcity that is going to be created thereby.
Bitcoin Price Analysis:
Analyzing the daily trend of Bitcoin against the US Dollar since the past year, we see that the coin has faced a lot of rejections on resistance—the major being above $13k in the previous year. Other than resistances, we can also rightly analyze the rebounds on the supports as per the laid Fibonacci Retracement starting from around $5k price zone. Therefore, as observed, the BTC has rebounded thrice since the month of July till September 2019, while, since November 2019, Bitcoin price has been facing rejection above 50% Fib Retracement.
The inverse Head and Shoulder is likely to bottom at $7,300 with 50-day daily MA approaching as immediate support. This inverse H&S forming is projecting a change of trend and is expected to surge above the major resistance formed at $9,100, followed by $9,500.
The other technical indicators laid, however, confirm the current bearish pull as the MACD of Bitcoin is having a ‘’death crossover’’ as the signal line overrides the MACD line.
While the RSI is at 52.22 and is seen returning from the overbought zone as the BTC price corrects below $9,000 and $8,500.