FX.co ★ BTC analysis for 01.03.2020 - Intraday overbought condiiton, watch for selling opportunties

Industry news:

Over the past two hours a $36.5 mln worth of BTC has been moved between the Bitstamp exchange and several unknown wallets. On January 1, Whale Alert showed one more transaction between an unknown wallet and Bitstamp totalling $8,974,648 (1,250 BTC).

In the comment threads, some are expressing opinions that Bitcoin whales are moving their funds.

Technical analysis:

Bitcoin has been trading upwards. The price reached the level of $7.300. Strong resistance cluster can be found at $7.400-$7.450. I see that watching the Intrraday frame 30M, buying seems like due to overbought condition. Watch for intraday selling opportunities and potential testing of $7.246 nadf

MACD oscillator is showing neutral stance and contraction, which is sign that there is the big move that is coming and potential expansion period.

Yellow rectangles – Current trading range

Resistance levels are seen at the price of $7.400 and $7.700