Bitcoin Price Analysis – March 6

Bitcoin, BTCUSD, CryptoCompare chart

BTCUSD Medium-term Trend: Bullish

Resistance: $11,750, $11,700, $11,650

Support: $11,450, $11,500, $11,550

Yesterday, we have BTCUSD pair in a bullish market with a bullish trend lines showing the support levels of the market where you can take a long position. Presently, the pair is trading above $11,000 support level. The price of bitcoin is presently falling and if the support levels are breached then the price will fall to as low as $10,000.Meanwhile, 50-day moving average and 20-day moving average are below the candlesticks.

Also, the RSI period 14 is level 63 indicates the price is in the bullish trend zone.

BTCUSD Short-term Trend: Sideways

Bitcoin, BTCUSD, CryptoCompare chart

In the short term trend, the daily chart shows bitcoin oscillating between the levels of $11,600 and $11,450 in sideways movement. The price at $11,600 is the resistance level whereas the price at $11,450 is the support level. If you are at beginning of  the sideway trend from its inception you would have three trading opportunities. That is you take a long trade at the support and exit near the resistance zone.

Also you take a short trade at the resistance and exit near the support zone and do according to the number of arrows.Meanwhile,the moving averages are trending sideways.

Kraken OTC Head Says It’s Too Early to Call Bitcoin a 'Safe Haven' Asset

Michael LaVere
  • Kraken head of OTC trading Nelson Minier says it's too early to call bitcoin a "safe haven" asset.
  • Compares the current atmosphere of crypto trading to how Wall Street used to be. 

Nelson Minier, head of over-the-counter (OTC) trading at crypto exchange Kraken, says that it is too early to call bitcoin a “safe haven” asset, despite the cryptocurrency gaining popularity in that regard. 

Too Early for Save Haven Status

In an interview with Nasdaq TradeTalks, Minier compared the current state of bitcoin and crypto-assets trading to how Wall Street used to operate in the past. 

According to Minier, 

Wall Street ain't what it used to be. The first 15 years I was on Wall Street, it was fun. I was very fortunate. I started in the CDS market which feels a lot like crypto. Here you have a lot of financial innovation, a lot of trading. It feels very much like that...there's a lot of energy and enthusiasm about this progress and where it's going.

Bitcoin has been gaining popularity as a so-called “safe haven” asset. According to the growing belief among analysts and investors, BTC is an attractive alternative to fiat and the traditional stock markets as a hedge against economic downturn. 

However, Minier believes it’s too early to label bitcoin as a safe haven, given the high price volatility. 

He continued, 

So, I’m not so sure that it’s a safe haven asset yet, but I do think that it’s starting to act like one. I think that people are starting to portfolio manage, are starting to come in slowly. And when the market is getting shaky you saw Bitcoin rise, I mean, you wouldn’t see that before, it was trading like a risky asset.

Despite calling bitcoin's safe haven status premature, Minier admitted that “we're heading that way for sure.”