Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 02.13.2020 - Watch for potential downside on the BTC due to overbought condition and rejection of the median line, downawrd target set at $9.723

Industry news:


In 2019, the total volume of nine leading blockchain networks reached 10 billion US dollars, which is 158.5% of the values of 2018. At the same time, the number of active DApp users doubled in 2019 and reached 3.11 million, 89% of which are newcomers. On the one hand, this is excellent statistics: user awareness and engagement are increasing, but there is a problem with their return.

Nowadays every second DApp is a representative of the gambling sector and it's the only type of DApp having over 1 million new users. Why did this happen and will this trend change in the near future? The gambling sector will likely continue to occupy one of the leading positions in this market. However, its main competitors are already clearly visible. Financial services such as lending DApps showed the greatest progress in 2019: the number of their users increased by 610% (while the number of gambling users increased by half less - 372%), transaction volume grew by 251% (the volume of gambling DApps increased by 98%). Such progress allowed finance DApps to become the second-largest sector of the whole DApp ecosystem.


Technical analysis:
BTC has been trading downwards as I expected yesterday. I found the breakout of the support trendline in the background and new momentum down on the oscillator, which is sign that sellers became active.

Watch for selling opportunities and potential rotation down towards the $9.725..

MACD oscillator is showing increasing on the selling power, which adds confirmation for further downside.

Major resistance is set at the price of $10.500

Support level and downward target is set at the price of $9.725.





Performed by Petar Jacimovic
Analytical expert
InstaForex Group © 2007-2020