The Bitcoin (BTC/USD) Price Is Mooning, Breaking Resistances
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Bitcoin Price Prediction – February 28
The present exchange lines between Bitcoin and the US Dollar show that bulls have taken the crypto economy into a bullish cycle, given that the price has been mooning, breaking resistances.
Following an extended period of price around the $50,000 support’s buy signal side, a route has steadily developed to extend the upper Bollinger Band trend line northward. Buying pressures are currently increasing, which is consistent with the crypto signals that have predicted desiring options over other directions. Buyers will need to hedge their positions against any scared reversal of the trend around the $55,500 mark if they want to play the market safely further to the higher.
BTC/USD Market
Key Levels:
Resistance levels: $62,500, $65,000, $67,500
Support levels: $55,000, $52,500, $50,000
BTC/USD – Daily Chart
The BTC/USD daily chart reveals that the crypto-economic trade is mooning majorly above the point of $55,000, breaking resistances toward the point of $62,500.
The Bollinger Bands on the upper side have been overly stretched to the upside to indicate that purchasers are prevailing. The stochastic oscillators have penetrated the overbought region, managing to slightly point to the north to indicate that short-position placers are not having the formation to regain a signal for a decent entry at this moment.
What is the current critical support to invalidate the BTC/USD market trading around the point of $60,000?
As there has been a way that the BTC/USD market has eventually touched the point of $60,000, the close critical support has been set around $57,500, given that the price is still seen to be mooning, breaking resistances.
Pushers in long positions must keep up a steady force against the $60,000 line. In the event that the market starts to retreat from the value line, they should also hold off on launching an R-buy order around the $55,000 mark. There will be breaches of higher barrier lines if that assumption proves to be incorrect.
The price may be in a holding pattern before deciding on a direction if the trade line of $60,000 is broken to the upside, with a potential pit stop occurring between $62,500 and $65,000. Therefore, a bearish candlestick will have to form a formidal wall to identify a good place for bears to regain their posture.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart reveals the crypto-economic price is mooning alongside the upper Bollinger Band, breaking resistances.
The stochastic oscillators indicate that forces are turning positively at an alarming rate because they have crossed over against the direction of the south. As long as the underlying support at $55,000 is not frightfully reversed against the downside, bulls are probably going to consolidate even more on the current dynamics.
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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