BTCUSD Outlook & Technical Analysis for Bitcoin
Contents
Introduction
Last week, the Bitcoin miners’ revenue closed bearish and suddenly gaps higher at the opening of the new week, a sign that the current slump in Bitcoin price across bitcoin brokers may be finding support any time soon.
If miners continue to have confidence towards holding on to their Bitcoin holders via a potential hike in the rewards, we should anticipate a continuation of the bullish upbeat in the next quarter.
Read on for a closer analysis of the critical chart patterns and news events driving the exchange rate of the number one cryptocurrency.
Miners’ Revenue vs. BTC Price
A slowing of the Bitcoin price hike was recorded last month after an earlier break of significant resistance on 01 Dec ’19, as revealed on Singapore broker market watch lists.
The bears increased their sell power and drove the Bitcoin price lower to test the previously violated $7772.71 bearish resistance, which is now expected by many bulls to serve as a springboard to the upside.
BTCUSD: Technical Analysis
Monthly Chart
A slowing of the Bitcoin price hike was recorded last month after an earlier break of significant resistance on 01 Dec ’19, as revealed on Singapore broker market watch lists.
The bears increased their sell power and drove the Bitcoin price lower to test the previously violated $7772.71 bearish resistance, which is now expected by many bulls to serve as a springboard to the upside.
Weekly Chart
An increase in sell pressure forced the BTC price below the $9312.00 support and slowly drove the exchange rate into the 30 Dec ’19 support ($7495.00) zone.
We expect the BTCUSD to find support within the $7495.00 and $6425.00 support zones considering that it coincides with the regular bullish divergence trigger area.
The bulls force the BTC price above the weekly open, showing that the expected support area may prove to stand the test of time.
Daily Chart
After the attempt to get the BTC exchange rate out of the oversold area, the bears again flagged a hidden bearish divergence pattern, stating a prolonged bearish corrective phase.
The bulls should lookout for a golden cross of the stochastic indicator confirming an interest to resume the long positions.
The formation of higher lows by price would also be an indication that the bulls have restored their hold on the market. For now, bitcoin price turns into the daily oversold area.
Coronavirus Affects US Digital Currency Conferences
The rapid escalation of the Coronavirus outbreak worldwide has affected two major crypto conferences in the US so far.
One the conference “Bitcoin 2020”, which was originally scheduled for March 27 and 28 in San Francisco, has been moved to the third quarter (Q3) of 2020.
The “DC Blockchain Summit 2020,” which was scheduled to take place on Friday, the 6th of March, was also postponed. The Chamber of Digital Commerce is yet to confirm the rescheduled dates.
The organizers of the Bitcoin 2020 conference have moved to assure all attendees that their tickets for the meeting will automatically be valid for the rescheduled event. They have also urged all registered participants to hold on for the announcement of new dates before requesting a refund.
Conclusion and Projection
As the BTCUSD signals a polarity switch, turning the $7772.71 resistance into support at press time, and not forgetting the upward gaping of the miners’ revenue, we lean more towards a bullish spring going into the second quarter.
I've been a professional trader for over 5 years.
Currently I work as forex analyst for different investment companies.
- EURUSDWeekly outlook – 7th January 2022 - January 7, 2022
- BTCUSD – Weekly outlook for Bitcoin Price – 23rd December 2021 - December 24, 2021
- USDSGDWeekly outlook for Singapore Dollar – 17th Dec 2021 - December 17, 2021
