Bitcoin (BTC/USD) Price Is Consolidating, Breaking Through Resistances
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Bitcoin Price Prediction – February 14
A significant northward push has had an elongation at the expense of bears failure to keep the rising valuation of Bitcoin under a checkmate against the worth of the US Dollar, as the price is consolidating, breaking through resistances a bit above the critical point of $50,000.
Beside the upper Bollinger Band trend line, a steady straight line has been drawn. In order to potentially prevent the market value from moving further below, a horizontal line has been established at $47,500 to complement the fundamental support level. This is especially important if bulls are forced to lessen their efforts on the current journey to the moon.
BTC/USD Market
Key Levels:
Resistance levels: $52,500, $55,000, $57,500
Support levels: $47,500, $45,000, $42,500
BTC/USD – Daily Chart
The BTC/USD daily chart showcases that the crypto-economic is consolidating, breaking thru resistances alongside the path of the upper Bollinger Band.
The featuring formation pattern of the candlesticks so far has been on a positive to give a straight line style. The Bollinger Bands at their upper part has been driven in confirmation of that trade cycle. The stochastic oscillators are placed in the overbought region, moving in a consolidation manner to affirm that bulls are leaving no chance for bears to make a stage at this moment.
As the BTC/USD market rises beyond the $50,000 barrier, where should the next significant resistance trade location be?
There has been no tangible crypto signal set up to portend a formidable retarding force against the current upward trend, as the BTC/USD market is consolidating, breaking through resistances toward the point of $52,500.
Since the uprising condition has been keeping steady, new longing position entries must coincide with an active rising force in a timely manner to prevent any scenario that could force the market to revert to a plunging state and stifle the upward velocities. Buyers may have to wait a bit to see what the reactions will be as the price is rising back toward the $47,500 mark.
To build a wall against entering the market for a short position in the ensuing operations, a bearish engulfing candlestick must form against the market’s present upward trend. On the other hand, a few smaller bearish candlesticks each day at a specific barrier zone will likely signal the beginning of a price retracement process.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart reveals that the crypto business is consolidating, breaking through resistances as it approaches the value of $52,500.
The blue part of the stochastic oscillators is programmed to reset at lower points where an oversold situation is present. The Bollinger Band trend lines have been moving towards the moon, positioning their lower end as the fundamental support line that prevents the uptrend from breaking to the downside. That being said, even if the other move will be produced to surpass the one that will confront in no time, it is technically optimal to expect a reversal in no time because the motion in positive has been exhibiting an excessive overbought condition trait.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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