Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 02.03.2020 - Bigger drop is expected towards the levle of $7.650, watch the downbreak of smaller Pitchfork channel

Industry news:


Decentralized cryptocurrency exchanges based on the Ethereum blockchain platform recorded all-time high transaction volumes in February, according to data from Dune Analytics.What HappenedThe decentralized exchanges, better known by the acronym DEX, recorded $372.2 million in transaction volume in the month, as first reported by The Block, up 62% from January's $229.2 million.The highest ever transaction volume recorded by the DEXs, according to Dune Analytics, ahead of February was the $358.5 million posted in July last year.


Technical analysis:
BTC has been trading sideways at the price of $8.832. My analysis from last Friday is till acrive, I still expect more downside and potential testing of $8.190 and $7.695. The most recent drop did start after the BTC breakdown of the bear flag that we mentioned last Friday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes... Stochastic oscillator is showing rally and its good to wait Stochastic to become again overbought.

Resistance levels and potential sell levels are set at $8.950 and $9.270.

Support levels and downside targets are set at the price of $8.190 and $7.657.





Performed by Petar Jacimovic
Analytical expert
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