Bitcoin (BTC) reached a brand new all-time excessive value of $52,618 on Feb. 18 earlier than reducing barely.
Bitcoin is predicted to regain its footing and proceed its ascent in the direction of $55,000.
Bitcoin Breaks Out But Once more
On Feb. 17, BTC created a bullish belt maintain candlestick, reaching a brand new all-time excessive value of $52,618. The motion was necessary because it signaled a confirmed breakout above the $50,000 space. BTC had been struggling to maneuver above this resistance up to now 5 days.
Moreover, BTC invalidated a possible bearish divergence within the each day RSI, so technical indicators are solely bullish now.
The 2-hour time frame reveals that regardless of its lack of construction, BTC is probably retracing to validate the ascending resistance line it has damaged out from. The road additionally almost coincides with the $50,700 minor help space.
Whereas the RSI has decreased under 70, it’s nonetheless above 50 and there’s a potential hidden bullish divergence at play.
Subsequently, the most definitely state of affairs could be a bounce on the earlier resistance line or the minor help space. After this, the worth would possible resume shifting upwards.
The wave depend means that BTC is approaching the highest of wave three (orange), of a bullish impulse that started on Jan. 27, 2021
The wave has a high goal between $55,100-$55,900.
The sub-wave depend is proven in black.
A lower under the wave one excessive at $38,640 would invalidate this explicit wave depend. For the longer-term wave depend, click on right here.
A better take a look at the 30-minute time frame means that BTC is certainly within the closing portion of the transfer earlier than a correction begins.
A lower under the minor sub-wave 1 excessive (crimson) at $49,938 would invalidate this short-term depend.
However, it’s potential that BTC follows a barely totally different path in the direction of $55,000.
Whereas Bitcoin is probably going nearing the highest of the present upward transfer, a excessive of $55,000 is probably going earlier than it begins to appropriate.
For BeInCrypto’s earlier Bitcoin (BTC) evaluation, click on right here
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