Bitcoin Price Analysis - February 8

Azeez Mustapha

_BTC-Daily (Feb.8).jpg BTCUSD Medium-term Trend: Sideways

Resistance: $8,800, $8,600, $8,400

Support: $7,600, $7, 800, $8,000

BTCUSD was trading at $7,477.90 yesterday but now trading at $8,253.13 which is about 10.3% increase. Yesterday I wrote that bitcoin may regain some of its losses it sustained over the last 2 months; and that a strong support is needed from which a rally could form.

Apart from the general movement of the market, the outcome of the hearing on crypto currency and Blockchain by Security and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) contributed to the rise of crypto markets. CFTC chairman J. Giancarlo expressed confidence about the technology behind bitcoin, Blockchain or Distributed Ledger Technology (DLT). “If there was no Bitcoin there would be no DLT’, he asserted.

Today, the market is moving sideways. The RSI period 14 is level 63 indicating that the average gains are more than the losses suggesting selling pressure may arrive soon. In a sideways market traders will temporarily suspend trading.

BTCUSD Short-term Trend: Bullish

_BTC_USD-1 Hour(Feb.8).jpg

The short term trend was bullish yesterday and traders were advised to take long trades along with the trend. Today’s trend is also bullish, you can take long orders. The 50-day moving average and 20-day moving average are trending northward whereas the RSI period 14 is level 50 indicating that the average gains are more than the losses suggesting selling pressure may arrive soon.

Weekly Newsletter