Bitcoin Chart Analysis March.1

We continue the previous analysis from two days ago, where Bitcoin was about to break up the long-term descending trend line (marked with blue). Quoted from previous analysis: “We might need some air to continue the way up, so the %38.2 Fibonacci retracement level and support at $10,200 area, is likely to be tested again in between.”

As of now, Bitcoin reached a low of $10,210 on BitFinex, before facing up again. As we can see on the chart, Bitcoin is testing the descending line again. A break, with high volume (trading volume is very low the past 12 hours, marked with a red arrow), will set targets at $11,900-12,000 area. Stochastic RSI oscillator looks positive (marked with a green arrow). On the bearish side, failing (again) to break up the descending line will send us back to the $10K area, and from there to test again support levels at $9,400 and $9,000.

BTC/USD BitFinex 4 hours chart


This Is A Paid-For Submitted Press Release. TheCryptonews Does Not Endorse, Nor Is Responsible For Any Material Included Below And Isn’t Responsible For Any Damages Or Losses Connected With Any Products Or Services Mentioned In The Press Release. TheCryptonews Urges Readers To Conduct Their Own Research With Due Diligence Into The Company, Product Or Service Mentioned In The Press Release.


Jennie is an entrepreneur and private investor in blockchain projects . She writes about the blockchain community in Canada, altcoin development and launching ICO's.