FX.co ★ BTC analysis for 02.24.2020 - Watch for breakout of the Pitchfork downward parallel line to confirm further drop towards the lvel of $9.265

Industry news:

JPMorgan's most recent Perspectives report claims that blockchain is still years away from achieving mainstream adoption, despite making strides among certain sectors.

According to the 74-page report , JPMorgan analysts contend that blockchain has seen extensive growth and use among certain companies like stock exchanges, but is still several years from reaching mainstream distribution.

The report's authors claimed to see "long-term potential" for Distributed Ledger Technology (DLT) to transform the current business model for banks by providing a more efficient method for information transfer. However, the analysts said the pace of blockchain adoption will depend upon "resolving legal and technical concerns," especially those related to cross-platform integration.

Technical analysis:

BTC has been trading sideways at the price of $9.780. I found that BTC failed to test the Median Pitchfork line in the recent upside move, which is sign that sellers are still present and downside is expected.

I would watch for selling opportunities If I see the breakout of the support at $9.666. Downward targets would be set at the price of $9.265 and $9.053.

MACD oscillator is showing neutral stance and in this condition is not that valid.

Major resistance levels are set at $10.022 and $1.300

Support levels are set at $9.670, $9.265 and $9.050