Cryptocurrency Analysis

[IFX_Selena]

Technical Analysis of BTC/USD for 13 February 2020

Crypto Industry News:
There are several indicators that can be used to measure market sentiment and general interest. Google searches are one of them.

During the darkness of crypto-winter, market sentiment and general interest weaken, and Bitcoins and cryptographic assets are put aside for ordinary traders and the general public. Only when Bitcoin starts to grow rapidly again, and especially when it exceeds $ 10,000, will people start paying attention to it again.

A look at Google search trends can give us an indication of how much public interest is and whether this could result in another FOMO round. The number of Bitcoin searches on Google has increased by 33% over the past week, rising from its lowest level in six months.

Search peaks coincide with two Bitcoin price peaks, the first in December 2017 and the second in June 2019. Since the beginning of this year, searches have increased by around 37% worldwide.

However, it seems that people will not be interested in Bitcoin until it reaches the summit, although few can reliably predict where this peak is. What's even more interesting is that the search for "Bitcoin halving" shows even more rapid growth as the event approaches.


Technical Market Overview:
The trend on Bitcoin is still up despite the extremely overbought market conditions on H4 and Daily timeframes. The last swing high was made at the level of $10,430, so now the level of $10,137 is the nearest technical support for the price. The next target for bulls is seen at the level of $10,893 in the case of an extension. On the other hand, during the correction, the bears might try to test the nearest important short-term technical support at the level of $9,508. Only if this level is clearly violated, the deeper correction can be made towards the levels of $9,123 and $9,013.

Weekly Pivot Points:
WR3 - $11,600
WR2 - $10,823
WR1 - $10,568

Weekly Pivot - $9,731
WS1 - $9,416
WS2 - $8,639
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 $10,278 is clearly broken.






Performed by Sebastian Seliga
Analytical expert
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