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    Home » Crypto News » Bitcoin Price Analysis Feb.28: BTC Proves Strength Coming Back From a $150 Deep

    Bitcoin Price Analysis Feb.28: BTC Proves Strength Coming Back From a $150 Deep

    Author: Yuval Gov

    Last Updated Feb 28, 2019 @ 08:06

    Over the past two days, besides an intra-candle quick glitch and rebound, BTC had been consolidating between the tight range around the $3800 mark.

    The mentioned glitch can be seen on the 4-hour chart whereas Bitcoin sled down to $3650 and quickly bought back up to the $3800 area. This could have happened following a massive sell order. However, a positive outcome is that the sell-off got quickly bought up by the bulls.

    Looking at the 4-hour and the 1-day chart, we can see that the ascending trend-line is still strong and alive. However, BTC will have to overcome the $3850 level in order to return to the bullish territory for the short-term.

    Total Market Cap: $130 Billion

    BTC Dominance: 52.1%

    Looking at the 1-day & 4-hour charts

    – Support/Resistance: The bigger picture hasn’t changed much since our previous update as we can see that, besides the ascending trend-line (at current BTC level), the next significant support level is the 4-hour’s 100-days moving average line currently around $3760 (marked in white). Below lies the $3700 support level, before getting to $3600 (along with the 4-hour MA-200) and the famous $3480 – $3500 support area.

    From the bull side, support turned resistance levels at $3850, $3900 (along with the 4-hour 50-MA) and $4050.

    – The daily chart’s RSI level: The Stochastic RSI Oscillator is about to cross over at the oversold area. In case this plays out, we can expect a bullish move which could break-up the significant $3850 resistance.

    – The daily trading volume: Following the tight consolidation range, so as the low amount of trading volume.

    – BitFinex open short positions: This tells another exciting story whereas BTC short positions have returned above the critical 19K line. The shorts level is at $19,170 BTC: Still in a fragile and unexpected area.

    BTC/USD BitStamp 4-Hour chart

    btc_feb28_4h-min

    BTC/USD BitStamp 1-Day chart

    btc_feb28_1d-min

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    Yuval Gov
    More posts by this author

    Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU - Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO. Contact Yuval: LinkedIn

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