BTC USDT 4-hour chart.

BTC USDT 4-hour chart.

Gate Trade News Friday, February 28, 2020 18 1

Currently, Bitcoin price is chasing after the 200-day moving average after dropping to an intra-day low at $8,509. The recovery from $8,509 is encouraging as it shows the support at $8,500 is holding and the shorter-time frame shows the moving average convergence divergence (MACD) attempting to pull out from oversold territory.

Earlier in the day the relative strength index (RSI) bounced from 23, a low not seen since December 20 when the indicator read 20.83 and the MACD line on the 4-hour timeframe has also curved upward but is still some distance from the signal line.

 

 

 

 

Traders will also notice that the MACD histogram bars have shortened in length and turned light pink as purchasing volume for Bitcoin increased.