For the technical analysis I use primarily:

  • Trend lines
  • Resistance and support levels
  • Classic TA basic formations (triangles, wedges, flags)
  • Basic Price Action patterns (pin bar, inside bar, outside bar)
  • Fibonacci retracement to determine potential support and resistance levels

Bitcoin’s price on February looks similar to the January’s candle – with the difference that the closure and the opening took place on the opposite sites. BTC moves continuously in a relatively narrow $120 range between 350.00-470.00. It seems that only breaking above or below this consolidation will allow stronger movements to implement.

btcusd monthly 07.03

The situation on the daily chart is far more interesting, though here it is also hard to find a stronger trend. On Saturday (March 5th) pin bar candle showed up, and tested 390.00 support with short-term trend line. Closing significantly above suggests that demand has another plans to play the movement in the coming sessions as confirmed so far by the Sunday’s increases. A potential target for bulls should be found near February’s high (440.00). Only breaking above this level will give an opportunity to test once again the highs from 2015-2016.

btcusd d1 07.03

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