Bitcoin Price and Technical Market Analysis February 29th, 2020

written by


Support free journalists: > send a tip

  • Sellers were able to update the local low again, testing the mark $8445.
  • Buyers for the 4th day can not find the bottom to organize the correction to $9050-9350.
  • Continuation of the fall without corrections is possible to the level $8120.


Yesterday’s trading day on Bitcoin market ended with a new attempt of the price fall and updating of the local low. Buyers lowered Bitcoin price by 4% yesterday, testing the price mark $8445. On the third day, sellers are trying to continue price fall without correction. But we do see a clear slowdown of the fall by buyers. Each daily candle, which is closed on increased volumes with a large pin down, increases the chances of buyers to arrange correction and test price range $9050-9350. So far, it remains our main local scenario.

If we analyze the situation on Bitcoin market more locally, it is noticeable at the 4-hour timeframe that sellers can try another attack today with a local low update:

Pay attention to how lazy and with low volumes buyers are trying to change the situation now. The last 3 candles are moving without volumes. So, a continuation of the local consolidation in the range of $8570-8770 over the weekend is likely.

Today is the last day of February. Analyzing the monthly candle, we see that buyers’ attempt to fix above $9050-9350 was unsuccessful:

Buyers margins continue to decline steadily and the chart is reminiscent of a roller coaster:

Sellers also do not try to increase their marginal positions either during the active fall phase or during correctional growth:

According to the wave analysis in Bitcoin market, the global scenario is still valid:

We consider Bitcoin price growth since December 2019 as a correction of the previous fall wave. And now the last correctional fall wave (Y) is forming, which at the mark $7350 will meet its first critical point.

If we look at the picture locally, wave (c) is continuing to form now, which at $8850 was equal to wave (a). The prospect of continuation of the wave(c)  formation without correction ends at $8120. It will be the case if sellers fail to allow buyers to test $9050-9350 and confidently fix below $8700.

Let’s see how the week ends and whether buyers can still arrange a correction and check sellers for strength in the range $9050-9350. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: TradingView

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter