empty
 
 
28.02.2020 02:57 PM
BTC analysis for 02.28.2020 - Broken bear flag and strong downside momentum on the market, watch for the bigger drop towards the level of $7.695

Industry news:

This image is no longer relevant

Two of the largest cryptocurrency trading venues are experiencing issues. Friday saw both OKEx and Bitfinex take unexpected downtime following what are suspected to be DDoS attacks.

Whilst there is no evidence to actually confirm it, the fact that the two attacks occurred in a matter of hours suggests they are related. The CEO of OKEx is now offering to double the pay of anyone behind the DDoS attacks that is willing to provide information to the exchange.

Technical analysis:

BTC has been trading downwards as I expected. BTC did hit our first downward target from yesterday at the price of $8.421. Anyway, I still expect more downside and potential testing of $8.261 and $7.695.

The most recent drop did start after the BTC breakdown of the bear flag that we mentioned yesterday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes...

MACD oscillator is showing strong momentum to the downside with the slow line turned to the bear.

Support levels and downward targets are set at the price of $8.260 and $7.695

Resistance levels are set at $8.515 and $8.925.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback