Bitcoin(BTC) Price Analysis – February 2019

There was considerable increase of around 12.10% in the bitcoin price in the month of February 2019. On February Ist it opened at $3,431.94 and closed at $3,815.61 on 28th February. As bitcoin is the leading cryptocurrency its price trend also affected the price of altcoins. The overall price trend was upward for the month of February.

Price Analysis

If we analyse the opening and closing price difference for February then on an average there was an increase of 12.10% in the bitcoin price.

  1. Maximum opening price was $4,115.34 on 24th February 2019
  2. Minimum opening price was $3,413.38 on 8th February 2019

Based on the bitcoin data trend it is observed that the price remained above the support level of $3,400 except on 7th February. The price remained upward till the 3rd week and broke its resistance level of $4,100 on 23rd.

Final week trend showed a strong selling interest near $3,820 and it broke the support level of $3,900 by dropping below it.



Week First

In first week the bitcoin price remained between $3,300 and $3,500. At one point of time it traded below the support level of $3,400 on 7th Feb.

DateOpenClose
2/7/2019$3,405.84 $3,394.01
2/6/2019$3,469.89 $3,405.84
2/5/2019$3,464.00 $3,469.89
2/4/2019$3,454.03 $3,464.00
2/3/2019$3,486.58 $3,454.03
2/2/2019$3,464.49 $3,486.58
2/1/2019$3,431.94 $3,464.49
Average$3,453.82 $3,448.41



Week Second

In the second week the price trend was upward. If we compare it with previous week then it was trading above $3,600. A hike of $200 was observed in second week.

DateOpenClose
2/14/2019$3,610.06 $3,589.66
2/13/2019$3,633.97 $3,610.06
2/12/2019$3,631.44 $3,633.97
2/11/2019$3,675.69 $3,631.44
2/10/2019$3,667.41 $3,675.69
2/9/2019$3,664.28 $3,667.41
2/8/2019$3,394.01 $3,664.28
Average$3,610.98 $3,638.93

Week Third

Bitcoin price was quite bullish in the third week, it was trading high and leading the entire crypto market. As a result altcoins were also trading high. Bitcoin broke its resistance level of $3,900, and was moving toward next resistance level of $4,000.

DateOpenClose
2/21/2019$3,976.81 $3,934.81
2/20/2019$3,915.01 $3,976.81
2/19/2019$3,886.52 $3,915.01
2/18/2019$3,665.08 $3,886.52
2/17/2019$3,622.59 $3,665.08
2/16/2019$3,601.23 $3,622.59
2/15/2019$3,589.66 $3,601.23
Average$3,750.99 $3,800.29



Week Fourth

Bitcoin Price momentum remained bullish in the final week as well, on 24th it broke the resistance level of $4,100. If we see the average trading price then it was around $3,870.

DateOpenClose
2/28/2019$3,813.38 $3,815.61
2/27/2019$3,809.21 $3,813.38
2/26/2019$3,824.68 $3,809.21
2/25/2019$3,742.87 $3,824.68
2/24/2019$4,115.34 $3,742.87
2/23/2019$3,973.64 $4,115.34
2/22/2019$3,934.81 $3,973.64
Average$3,887.70 $3,870.68

In the coming month of March, Bitcoin Price can perform better but does not seem to be bullish. Support level can be $3,550 and resistance level of
$4,150 seems to be quite practical based on the trend analysis for last 3 months.




Data Source: coingecko.com

Disclaimer: We do not encourage or suggest anybody to invest in Bitcoin and other Cryptocurrencies, please do your own full research and follow the law/rules as per your country standard.

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Author: Manoj Raturi

I am a Blockchain Technology enthusiast and love to read and write about it.

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