BTC analysis for 02.12.2020 – Watch for potential downside on the BTC due to overbought condition and rejection of the median

Industry news:On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a “bitterly disappointing” outcome in the New Hampshire primary where he trailed in a dismal eighth place.Yang’s campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.Technical analysis: BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100. MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside. Major resistance is set at the price of $10.500 Support levels are seen at the price of $9.685 and $9.100The material has been provided by InstaForex Company – www.instaforex.comIndustry news:On Tuesday, Feb. 11, pro-crypto presidential candidate Andrew Yang has dropped out of the 2020 race after a “bitterly disappointing” outcome in the New Hampshire primary where he trailed in a dismal eighth place.Yang’s campaign drew a lot of attention inside and out of the cryptocurrency space based on his pledge of a universal base income giving all Americans $1,000 a month to counter the effects of job redundancy through increasing automation.Technical analysis: BTC has been trading upwards. The price tested and rejected of the Pitchfork median line at the $10.500 and that was the key for the recent downside movement. I do expect few pivots to form around the Pitchfork median line.Watch for selling opportunities and potential rotation down towards the $9.685 and $9.100. MACD oscillator is showing decreasing on the buying power, which adds confirmation for further downside. Major resistance is set at the price of $10.500 Support levels are seen at the price of $9.685 and $9.100The material has been provided by InstaForex Company – www.instaforex.comRead More