Technical analysis of Bitcoin price Thursday, March 1, 2018

The price of Bitcoin today, Thursday, March 1, 218, reports a slight increase of 0.89%, bringing the price above $ 1,600.

Highlights of the day

  • The price of Bitcoin is consolidating within a symmetric triangle since it formed higher minimums and higher minimums.
  • A rebound could be because the triangle’s helplines up with a long-term interest area of around $ 10,000.
  • However, the technical indicators show mixed signals.
  • The price of Bitcoin has formed a symmetric triangle pattern and could be ready for a breakup.

Important technical indicators

The simple average of 100 is below the simple average of 200 to longer term to suggest that the path of least resistance is to the downside. This indicates that a support interruption is possible, probably lowering the Bitcoin price at the same height as the chart pattern. However, the gap has been reduced significantly to show that an ascending crossover is underway.

In that case, a rebound support could bring the price of Bitcoin to the resistance of the triangle or even a break. The moving averages align with the support area, which increases its strength also as a floor.

The stochastic seems ready to go higher, also another signal that the buying pressure could return. However, RSI has room to fall, so sellers could maintain control for a little longer.

Market factors

The strength of the dollar was again at stake during the last trading sessions, as risk aversion returned and weighed on higher-yielding assets. Stocks and commodities were successful, but the price of Bitcoin was a bit more resistant as the cryptocurrency still enjoys the positive feeling of Circle’s acquisition of Poloniex.

On the other hand, it informs that SEC is studying the structuring of initial currency offers. According to the Wall Street Journal, the SEC has issued “dozens of citations” to obtain information from technology companies and advisors linked to the digital currency markets.

Remember that the US regulator UU He has previously warned that investors should be more careful with the investment in ICO. President Clayton noted:

“Several concerns have been raised regarding the cryptocurrency and ICO markets, including the fact that, at present, there is substantially less investor protection than in our traditional stock markets, with the corresponding increased opportunities for fraud and manipulation. “