BTC analysis for 01.02.2020 - Watch for potential drop on the BTC

Industry news:
According to data provided by Blockchain, Bitcoin hashrate has reached a new all-time peak of 119 EH/s, which flies in the face of FUD (fear, uncertainty, and doubt) about imminent market capitulation. The Bitcoin network continues to get significantly stronger despite the asset's lackluster price action.


Technical analysis:
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Bitcoin is still trading inside of the consolidation at the price of $7.103 and there is potential for the further downside movement. My analysis from previous analysis I still the same and I do see potential completion of the upward correction ABC (running flat), which is a sign that selling is in play... Watch for selling opportunities and target at the price of $6.455.

MACD oscillator is showing rotation from the natural mode into the bearish mode, which is sign that there is the big move that is coming and potential expansion period.

Yellow rectangles – Current trading range

Resistance levels are seen at the price of $7.400 and $7.700

Support levels are set at the price of $7.030 and at the price of $6.455




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Performed by Petar Jacimovic
Analytical expert
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