BTC analysis for 02.25.2020 - The expected drop just started, watch for selling opportuniteis with main target at $9.000

Industry news:
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Financial regulators seem to be tightening the bolts on cryptocurrencies, considering crime and illegal activities the only worthy use-case for them.

Globenewswire spread the word that two companies – NIGMA Conseil from France together with the AIT (Austrian Institute of Technology) – are teaming up to increase crypto and blockchain forensics. The latter is the biggest research and tech organization in Austria owned by the government.


Technical anlaysis:
BTC has been trading downwards. As I expected, the BTC tested the level of $9.346 and almost reached our yesterday's target at $9.265. There is still potential for the downside movement and test of the downside targets and supports at $9.265, $9.053 and $8.890.

I would watch for selling opportunities on the rallies using the intraday frames 15/30 minutes for better timing. The decline was caused due to fail test of the Pitchfork Median line and lack of buyers around $10.000

Resistance levels are set at the price of $9.670 and $10.000

Support levels and downward targets are set at the price of $9.265, $9.053 and $8.890.



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Performed by Petar Jacimovic
Analytical expert
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