Bitcoin (BTC) Price Analysis — February 20

  • The BTC price faces resistance at the $4,200 price level.
  • The crypto's price is likely to rise if more buyers come in at the $4,000 price level.

Bitcoin, BTCUSDBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bullish

  • Resistance levels: $7,000, $7,200, $7,400
  • Support levels: $3,700, $3,500, $3,300

The price of Bitcoin is still in the bullish trend zone after the February 8 price rally. There is a fresh upward price movement after the range bound movement. The crypto's price is making a series of higher highs and higher lows as the price rises from the $3,700 to the $4,000 price levels. The BTC price is likely to face resistance at the $4,200 price level.

If the bulls face resistance at that price level, the crypto will be forced to a range bound movement. On the upside, if the bulls have a price breakout, the crypto will revisit the highs of $4,500 and $5,000 price levels. Meanwhile, the stochastic band is at the overbought region and above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.

BTC/USD Short-term Trend: Bullish

Bitcoin, BTCUSDBitcoin Chart by Trading View

On the 4-hour chart, the price of Bitcoin is in a bullish trend zone. The BTC price is in a smooth uptrend. The crypto's price is trading at $4,034 and approaching the resistance level. Nevertheless, since on November 24, the bulls have not been able to break above the $4,200 resistance level.

The crypto's price is likely to rise if more buyers come in at the $4,000 price level. A price breakout will make the price of Bitcoin to appreciate in value and attract more buyers. Meanwhile, the stochastic band is at the overbought region and above the 80% range which indicates that the crypto is in a strong bullish momentum and a buy signal.

 

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Buying Bitcoin At All-Time High Was Better Than Keeping Money In Argentinian Bank, Trader Reveals

Josu San Martin, a Mexico City-based Bitcoin “quasi-maximalist”, recently revealed that if the residents of Argentina, a country experiencing a major financial crisis, had purchased Bitcoin (BTC) at the “highest point of the ‘biggest bubble in history’” (in 2017),  they would have still “been better off” than leaving their funds in an Argentinian bank.

Earlier this month, Twitter user Matias (@MatiasTrader) had noted that Bitcoin had reached “an all-time high in Argentinian Pesos (ARS).” This, as the South American nation is suffering from extremely high levels of inflation.

High Levels Of Inflation Does Not Necessarily Mean Bitcoin Will Help?

Interestingly, Twitter user Moises Cassab (@josusanmartin) pointed out that the main argument being made is that the Argentinian Peso is a “terrible store-of-value (SoV).” Moises also appeared to suggest that there was no meaningful relationship between the declining value of Argentina’s national currency and the arguably better performance of Bitcoin, the world’s most dominant cryptocurrency.

Moises remarked: 

Buying Celine Dion 2020 tickets would of outperformed the arg peso. Tell me how Celine Dion tickets are a terrible store of value.

Venezuelans Still Need To Use The Bolivar “To Survive”

According to Josu San Martin:

In a long enough timeline, the Argentinian peso doesn't look that much different from any other Latin American currency.

Indeed, the residents of other nations in the same region such as Venezuela are enduring one of the worst economic crises in their country’s history. However, recent reports which appeared to have suggested that cryptocurrencies were increasingly being used as a hedge against inflation in Venezuela may not be entirely accurate.

Focusing On Basic Necessities

Alejandro Machado, the co-founder of the Open Money Initiative (OMI), a project dedicated to assisting nations with “collapsing monetary systems,” had revealed recently that the citizens of Venezuela have not completely abandoned the Bolivar.

Although Machado acknowledged that bitcoin trading in Venezuela had reached record-level highs, he said that Bitcoin and other cryptocurrencies were “too technical” for most Venezuelans. He also mentioned:

Access to products [in Venezuela] is the number one thing [that people are looking for.] Do I have enough to eat this week or do I need to reinvent the ways that I access food?