BTC USDT daily chart.

BTC USDT daily chart.

Gate Trade News Friday, February 28, 2020 23 1

Another positive is that earlier in the day traders managed to retake the 200-day moving average but at the time of writing Bitcoin price has dropped below it again. It is important that the price finds support at the 200-DMA but the volume profile visible range (VPVR) also suggests that the 50-day moving average ($9,230) and the high volume node at $9,254-$9,428 will push back as a point of resistance.

This is not too surprising, given that $9,500 was a difficult resistance to flip to support just on Feb. 5.

On the 4-hour timeframe, one can see that a pattern of higher lows was forming but the long upper wicks of each candle show that traders are taking profits rather than long positions.

It seems that the current pullback below the 200-DMA is mirroring traditional markets which closed with another day of massive losses.

 

In the current situation, trading volume is going to be the ultimate tell on whether Bitcoin price will maintain the current attempt to reverse the course.