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Bitcoin Price Analysis: BTC/USD sellers approach $36,300 on Russia-Ukraine crisis

www.fxstreet.com 27 February 2022 23:25, UTC
Reading time: ~2 m

  • BTC/USD stays pressured around short-term key support after three-week downtrend.
  • Bear cross, downbeat oscillators keep sellers hopeful around 61.8% Fibonacci retracement level.
  • Five-week-old ascending trend line support may test the bears nearby horizontal line.
  • Russian nuclear arsenal on high alert even as Kyiv-Moscow agrees for peace talks.

BTC/USD seesaws around $36,700 during the late Sunday’s trading, after declining for three consecutive weeks in the last.

In doing so, the Bitcoin pair makes rounds to the 61.8% Fibonacci retracement (Fibo.) of the quote’s upside from late January to February 10.

However, 50-SMA’s downside break of the 200-SMA, known as a bear cross, joins the downbeat RSI line and bearish MACD signals to hint at the crypto major’s further downside.

That said, three-week-old horizontal support around $36,300 may restrict the BTC/USD pair’s immediate downside ahead of an upward sloping trend line from January 24, near $34,500 by the press time.

Following that, the late January low near $32,950 will be in focus.

Alternatively, recovery moves need to provide a decisive break above the 200-SMA level of $40,043 to push back the short-term sellers.

Even so, BTC/USD bulls will remain cautious until the pair stays below a descending trend line from February 10, close to $42,000 by the press time.

Read: Risk-off start to week: Russia's Putin puts nuclear deterrence forces on high alert

BTC/USD: Four-hour chart

Trend: Further weakness eyed

Additional important  levels

Today last price 37844.26
Today Daily Change -1294.12
Today Daily Change % -3.31%
Today daily open 39138.38
Daily SMA20 41296.04
Daily SMA50 40444.1
Daily SMA100 45691
Daily SMA200 49208.08
Previous Daily High 39819.92
Previous Daily Low 38596.74
Previous Weekly High 40141.76
Previous Weekly Low 34326.49
Previous Monthly High 47983.92
Previous Monthly Low 32962.74
Daily Fibonacci 38.2% 39063.99
Daily Fibonacci 61.8% 39352.67
Daily Pivot Point S1 38550.11
Daily Pivot Point S2 37961.83
Daily Pivot Point S3 37326.92
Daily Pivot Point R1 39773.29
Daily Pivot Point R2 40408.2
Daily Pivot Point R3 40996.48

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