Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 02.12.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line

Industry news:


On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a "bitterly disappointing" outcome in the New Hampshire primary where he trailed in a dismal eighth place.

Yang's campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.


Technical analysis:
BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.

Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100.

MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside.

Major resistance is set at the price of $10.500

Support levels are seen at the price of $9.685 and $9.100




Performed by Petar Jacimovic
Analytical expert
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