Key technical factors of the article:
The market broke this week, with a significant rise in the volatility, support at $ 9,500 before stabilizing last night on the key technical threshold of $ 8,500.
There are several reasons for this drop of $ 1,000, they are technical and fundamental.
Let's start with technical explanations :
A fundamental reason is identified:
No panic in the long term, the underlying trend remains naturally upward and the prospect of Halving (halving the mining rewards on the Bitcoin network), in around 70 days, is a supporting factor. The Blockchain and the crypto-currencies are in no way threatened in their structure by the Coronavirus.
On the technical plan, the monthly closing of this weekend will make it possible to make a stock market forecast for the month of March; it takes place Friday for the future contract and Saturday February 29 for the classic BTC.
In the short term, it is imperative to bounce on the weekly support at $ 8,500, this is the border between the bullish and bearish scenario for the next few sessions.
Follow Vincent Ganne on Trading View for further analysis on the financial markets. The technical thresholds and the trend indicated above are based on the technical approach "price, momentum, sentiment, ichimoku". The data come from Bitstamp and the graphics of TradingView. You can consult the history of our technical points on cryptocurrencies in click here.
This content is offered for informational purposes only and does not constitute an investment recommendation. We remind you that theinvestment in crypto assets, including Bitcoin, is extremely risky. Cryptocurrency prices are prone to large and unpredictable price movements.
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