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Technical analysis of BTC/USD for Feb 18, 2020
Crypto Industry News:
Bitcoin can reach and even exceed its record highs of $ 20,000 by the time of halving, which is expected to take place in May. This was the opinion of Mike Novogratz, a well-known venture capital investor who consistently supported Bitcoin.
Speaking in an interview with American television, Novogratz called Bitcoin “the best brand of the last eleven years” and said that 2020 will be the year in which it will challenge $ 20,000 again.
“At the moment Bitcoin seems to be a little crazy and we could see it growing, but I think that by the end of the year we could certainly pass old peaks, or at least reach them. We can literally be there for halving, i.e. in a few months” – he said .
Considering that altcoins beat Bitocin in terms of returns from January 1, Novogratz said Bitcoin “found its own path” as a unique means of thesaurization.
Technical Market Overview:
After the Bearish Engulfing candlestick pattern was made around the level of $10,430, the BTC/USD pair has moved south to the level of $9,412. Since then the bulls are trying to bounce and were able to almost hit the 38% Fibonacci retracement located at the level of $9,804. The momentum remains weak and negative so there is still a chance for another wave down. If the level of $9,555 is clearly violated, then the next target for bears is seen at the level of $9,508 and $9,123.
Weekly Pivot Points:
WR3 – $11,039
WR2 – $10,715
WR1 – $10,112
Weekly Pivot – $9,845
WS1 – $9,424
WS2 – $8,941
WS3 – $8,335
Trading Recommendations:
The market might have made the first impulsive wave up of a higher degree. This strategy is valid as long as the level of $7,582 is not violated. Nevertheless, the larger timeframe trend is still down and all the shorter timeframe moves are still being treated as a counter-trend correction inside of the uptrend until the level of $10,433 is clearly broken.
The material has been provided by InstaForex Company – www.instaforex.com
