Bitcoin Bulls and Bears In Strong Battle To Gain Control – Who Will Win?

By Yaz Sheikh
Published February 28, 2020 Updated February 28, 2020
Best Buy In




Bitcoin BTC Trading
Image Courtesy of PixaBay

Bitcoin Bulls and Bears In Strong Battle To Gain Control – Who Will Win?

By Yaz Sheikh
Published February 28, 2020 Updated February 28, 2020
  • Bitcoin found some form of respite from the recent price decline after finding support at the $8,800 level.
  • It was also supported by a rising trend line that has been in play for around 2-months of trading.

Bitcoin has been falling ever since it failed to break above resistance at the $10,000 level earlier during the week. It rolled over and dropped by a total of 8% during the week, causing a bloodbath within the entire cryptocurrency market.


It recently found some support around the $8,800 level and is attempting to bounce higher, however, the momentum is certainly within the bullish favour and it is likely that Bitcoin will continue to drop lower.

Bitcoin Price Analysis


BTC/USD – Source: TradingView

Market Overview

Taking a look at the daily chart above,  we can clearly see Bitcoin rolling over at the $10,000 as it started the vicious price decline over the past few days. Yesterday saw the printing of a Doji candle which is an indecision candle as the bulls and bears battle for market momentum.

It had found support at a downside 1.414 Fibonacci Extension level and has been trading along with this level for the past couple of days as we wait for the market players to make their next move.

The cryptocurrency has also been supported by the rising trend line that has been in play since the start of the year.

Short term prediction: NEUTRAL

Bitcoin is considered as neutral at this moment in time but is in danger of turning bearish if the sellers break beneath the rising support trend line. 

If the sellers break beneath $8,800, we will expect this rising trend line to provide the first level of support. This is followed by support at $8,672 (.5 Fib Retracement), $8,559 (downside 1.618 Fib Extension), and $8,242 (.618 Fib Retracement).

On the other hand, if the buyers push higher, the first level of resistance lies at $8,975. Above $9,000, resistance lies at $9,270, $9,506, $9,741, and $10,000.


Key Levels

Support: $9,800, $8,672, $8,559, $8,242, $8,000..

Resistance: $9,975, $9,000, $9,270, $9,500, $9,637, $9,615, $9,815, $10,000, $10,190, $10,360, $10,474.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Yaz Sheikh
182 Articles
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

Loading Next Story