BTC analysis for 02.14.2020 – Watch for potential down breakout of the trading range and eventual test of $9.732

By | February 14, 2020
InstaForex
BTC analysis for 02.14.2020 - Watch for potential down breakout of the trading range and eventual test of $9

Relevance up to 07:00 2020-02-16 UTC–8

Industry news:

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Starting with The Bank of China’s announcement that it would be exploring the potential of a state-sponsored digital currency and continuing into the World Economic Forum in Davos, Switzerland that produced guidance for central banks navigate the digital landscape, 2020 is increasingly looking like the year governments take real steps into the world of cryptocurrency

Technical analysis

BTC has been trading sideways at the price of $10.250. Due to the breakout of the support trendline in the background, I do expect potential for further downside movement and eventual test of $9.723 and $9.150.

I would watch for eventual breakout of the support at $10.057 to confirm downside movement towards the levels at $9.732 and $9.150.

MACD oscillator is showing neutral stance and it’s not that relevant under the trading range condition.

Major resistance level is seen at the price of $10.513

Support levels are set at the price of $9.732 and $9.150

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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