Bitcoin Price Technical Analysis for 02/09/2018
- Bitcoin price is testing an area of interest at the $8,000 major psychological level which lines up with several support levels.
- For one, this is the bottom of a short-term ascending channel visible on the 1-hour time frame.
- This also coincides with the 61.8% Fibonacci retracement level, which already appears to have held as a floor
Analysts are confident that the market slump is just a mere correction from the overdone rallies earlier in the year. It seems that traders are mostly waiting for a strong catalyst . Risk aversion returned to the financial markets and these days bitcoin price has been tracking equities and commodities.
100 SMA is still below the longer-term 200 SMA the selloff is more likely to resume than to reverse.
If the $8,000 level holds as support, price could bounce up to the swing high or the channel resistance closer to $9,000.
DISCLAIMERS:
THIS ARTICLE IS NARRATED FROM NEWSBTC.COM . This #article should not be taken as, and is not intended to provide,#investment #advice. Please conduct your own thorough research before#investing in any #cryptocurrency.
SOURCE OF ARTICLE :https://www.newsbtc.com/2018/02/09/bitcoin-price-technical-analysis-02-09-2018-slow-steady-climb/
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