- Bitcoin was unable to hold on to the tentative support at $10,200 after retreating from $10,255 intraday high.
- Bitcoin is technically in positive range with a lot of potentials to rise to higher levels.
Bitcoin led the market is a slight recovery on Thursday. This saw the grandparent of cryptocurrencies make headway above the critical $10,000. Bitcoin gave the price action a formidable boost above $10,100. Although the price scaled to an intraday high of $10,255, Bitcoin was unable to hold on to the tentative support at $10,200.
At press time, a bearish force is pushing Bitcoin towards the short-term trendline support. In the event this support gives in, BTC/USD is likely to refresh the levels around $10,100. The 50 Simple Moving Average (SMA) is in line to offer support at $10,079.59.
Despite the ongoing correction, Bitcoin is technically in positive range with a lot of potentials to rise to higher levels. The range between $10,100 and $10,000 is coming up as credible support. Possible dips in this year are likely to result in a bounce above $10,200.
Moreover, the Relative Strength Index (RSI) trend is strongly bullish for Bitcoin price. The recovery from the oversold has been impressive. Entry into the overbought would suggest stronger uptrend.
BTC/USD 1-hour chart
Vodafone Promotes Bitcoin [BTC] Advertisement on Facebook
German advert debuted on the company’s Facebook page on Feb. 17th
On 21st February, a Redditor posted an on r/cryptocurrency, a screenshot of an ad on Bitcoin promoted by Vodafone on Facebook in Germany. With the caption, “German Vodafone ad I saw today”.
Here’s a copy of the same:
The image reads, “Was soll Dir Oma zustecken, wen inn Zukunft alle mit dem Smartphone bezahlen?”
Which translates to, “What should grandma gift you, when everyone is paying with their phones in the future?”
And the caption reads, “Gibt’s bald Bitcoins statt Tasgengeld”
Translating, “Will there soon be Bitcoin instead of pocket money?”
To unfold a couple of things, this basically means that the German Vodafone is crypto-friendly. Despite the exit from the Libra association, Vodafone supports cryptocurrency or safe to say, Bitcoin. After things went south with Facebook’s Libra coin, many MNCs started leaving their newly found association. With Paypal, Visa, Mastercard leaving the game, many more were influenced. In Jan 2020, Britain’s Vodafone Group PLC released an official statement, stating that they left the entity that manages the Facebook Inc led an effort to launch Libra coin.
“We will continue to monitor the development of the Libra Association and do not rule out the possibility of future co-operation,” said a Vodafone spokesman.
Although Vodafone is making the move to direct its resources and attention to M-Pesa, its own digital payments service, it has found ways to keep the crypto alive for its users.
Additionally, it’s important to note that Facebook allows Bitcoin ads in Germany. From 2020, laws regarding cryptocurrencies were put to effect in Germany. The law requires digital asset custodians to be licensed. Every company that keeps the custody of crypto and targets German clients needs to claim it to Germany’s Financial Supervisory Authority [BaFin] with its intention to get a license.
Advertisements on Bitcoin were allowed due to the country’s friendly policies on cryptocurrencies. A sign of how some countries do not feel threatened by digital assets and their legitimate use cases.
Recently, Boerse Stuttgart – the second-largest stock exchange in Germany, ninth-largest in Europe obtained a provisional license from BaFin.The stock exchange is preparing to offer crypto custody services to institutional investors. Blocknox, a subsidiary of Boerse Stuttgart Digital Ventures, takes care of the custody of cryptocurrencies on an escrow basis.
With Bitcoin running in the current apparent Bullrun, more and more regulations are coming inline.
Bears Continue To Gain Momentum In Bitcoin – Are We About To Collapse?
- Bitcoin saw a 6% price fall over the past week, bringing the price of the coin down to $9,613.
- It is finding support at the short term .382 Fibonacci Retracement level, however, it certainly looks like the momentum is on the side of the bears at this moment in time.
Bitcoin has been falling ever since meeting resistance at the $10,400 level this past week. During the week, tt found support at around $9,600, however, it was unable to overcome the resistance at $10,190, causing it to drop and fall once again.
Things are now looking troublesome for Bitcoin after not being able to make any movement higher over the past few days. Despite all the latest price falls, Bitcoin remains up by a total of 11% over the past 30-days of trading.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see that Bitcoin has found support at the .382 Fib Retracement, priced at $9,569. During the week, it made a rebound and broke above the $10,000 level again, however, it was unable to break above $10,190 (previous 1.414 Fib Extension) which caused it to reverse and rollover.
Short term prediction: BULLISH
The cryptocurrency remains bullish, however, it is very close to becoming neutral. If it drops beneath the $9,000 level, we can consider the market as neutral. It would need to drop beneath $8,200 before we could consider it to be in danger of turning bearish.
Toward the downside, if the sellers break beneath $9,569 the next level of support lies at $9,311 (.5 Fib Retracement). Beneath this, support lies at $9,159 (downside 1.272 Fib Extension), $9,053 (.618 Fib Retracement), and $9,000.
On the other hand, if the buyers rebound here and push higher, resistance lies at $9,815 and $10,000. Above this, additional resistance lies at $10,190 (1.414 Fib Extension), $10,474 (1.618 Fib Extension) and $10,500.
The RSI dipped beneath the 50 level and remained there for the longest period during 2020. If the RSI is unable to climb back above 50 pretty soon, we can expect the moment to shift and for the bears to regain control.
Support: $9,569, $9,311, $9,280, $9,200, $9,169, $9,053, $9,000.
Resistance: $9,637, $9,615, $9,815, $10,000, $10,190, $10,360, $10,474.
Bitcoin (BTC/USD) forecast and analysis on February 22, 2020
Cryptocurrency Bitcoin (BTC/USD) is trading at 9746. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates a bearish trend on Bitcoin. At the moment, cryptocurrency quotes are moving near the middle border of the Bollinger Bands indicator stripes.
Bitcoin (BTC/USD) forecast and analysis on February 22, 2020
As part of the Bitcoin exchange rate forecast, a test of the level of 9910 is expected. Where can we expect an attempt to continue the fall of BTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 9180. The conservative area for Bitcoin sales is located near the upper border of the Bollinger Bands indicator strip at the level of 10300.
Cancellation of the option to continue the depreciation of Bitcoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair above the area of 10320. This will indicate a change in the current trend in favor of the bullish for BTC/USD. In the event of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Bitcoin (BTC/USD) forecast and analysis on February 22, 2020 implies a test level of 9910. Further, it is expected to continue falling to the area below the level of 9180. The conservative sales area is near the area of 10300. The breakdown of the cryptocurrency fall option will be the breakdown of the level of 10320. In this case, we should expect further growth.