See More

Bitcoin Analysis for 2020-03-12 [Premium Analysis]

2 mins
Updated by Kyle Baird
Join our Trading Community on Telegram
On March 9, the BTC price reached a major support area at $7,700, initiating a short-term bounce. While the price stayed above this level for three days, it decreased sharply on March 12, creating a bearish engulfing candlestick and breaking down below this area.

Bitcoin (BTC) Price Highlights

  • The Bitcoin price has decreased below an important daily support level.
  • There is support at $7,000.
  • The daily RSI is oversold.
  • The price is trading inside a long-term symmetrical triangle.

Support Breakdown

The Bitcoin price has decreased below a major daily support level, found at $7,750. The price initially bounced above this price point on three successive days between March 9-11, creating long lower-wicks each time. However, BTC decreased sharply yesterday, creating a bearish engulfing candlestick. Bitcoin Daily Range The next important support area in this time-frame is found at $7,000.

Previous Resistance

There is a descending resistance line that the price has been following since August 2019. While the price broke out above this line on Jan 14, 2020, it has yet to validate it as support. The line will soon coincide with the $7,000 support area, making it a very likely level to initiate a bounce. The daily RSI is oversold but has yet to generate any bullish divergence, indicative that the decrease will continue. Descending Resistance Line

Symmetrical Triangle

In the long-term, the BTC price has been trading inside a symmetrical triangle since reaching an all-time high in December 2017. The main support area in this time-frame is also found at $7,000. While it is slightly above the ascending support line at the time of publishing, it will soon create a confluence of support levels and will be a very likely place to initiate a bounce. BTC Long-Term Symmetrical Triangle To conclude, the BTC price has decreased below a significant support level on the daily time-frame. The next area that will likely initiate a reversal is found at $7,000. For those interested in BeInCrypto’s previous Bitcoin analysis, click here.
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored