Bitcoin between support and resistance

Bitcoin between support and resistance

The Bitcoin price could possibly drop below the $ 10,000 mark again. You can find out what has to happen and what the ether price is in the market analysis.

Bitcoin (BTC) during the week

Bitcoin is seeking its way between support and resistance within a rising wedge. At the time of going to press, this is supported by the 50% Fibonacci retracement level. Bitcoin continues to outperform the EMA Ribbon and Lucid SAR indicators, which shows that we are still in a well-established uptrend. However, should the Bitcoin price fall below the support line, we could see a major correction below $ 10,000.

Bitcoin dominance and Altcoin season

Bitcoin's dominance continues to decline, reaching 63 percent according to Tradingview calculations. We haven't seen such low BTC dominance since July 2019. After 13 consecutive days with red candles, we only see today what one could interpret as a bitcoins attempt to recover from the altcoins.

Ether course in bull mode

It's been a great bull run for Ether so far. This month alone, it rose 40 percent over BTC. As with any parabolic price movement, it seems that an expected correction is taking place since the RSI has started to change course and could slide down from the overbought area.

In addition, the ether price has reached a level of resistance that has been a very important support in the past. The bulls would have to gather some other strengths to break through.

Disclaimer: The estimates shown on this page do not constitute buy or sell recommendations. They are only an assessment by the analysts.

Charts on February 14, 2020 using Trading View created .

USD / EUR exchange rate at the time of going to press: 0.91 euros

The Bitwala Trading Team wrote the market comment. Bitwala offers the easiest and safest way to buy and sell Bitcoin directly from a bank account. More information here .

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