Bitcoin (BTC) Continues Consolidating Just Below $44,000 With Increasing MACD and RSI
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Bitcoin (Bitcoin (BTC)) is in the process of potentially manalogousg yet another attempt at bresuchlikeg out atop the $44,300 resistance area.
On Feb 16, BTC realized a close of $44,583, hardly atop the $44,300 horizontal resistance area, before weakening slightly the next day. In spite of the drop, technical indicators are still bullish, afterward both the RSI and MACD are climbing. The MACD has created excessiveer successive bars at the same time the RSI is atop 50. Both of these are signs of a bullish trend.
In evidence that a breakout transpires, the next closest resistance area would be found at $51,140
Breakout attempt
The six-hour chart shows which BTC broke out from an upward resistance line on Feb 4. Following this, it returned to verify the line as support on Feb 14 (green icon) and the rate has been mostly soaring afterward.
The two-hour chart shows which BTC is still trending beneath a limited plunging resistance line, that so far has been confirmed multiple times. A breakout atop this resistance would still cause a breakout from the previously scenariod horizontal resistance area.
BTC wave count analysis
The wave count suggests that BTC is in wave five of a five-wave skyward arrangement (red) that began on Jan 24. Since neither waves one nor three have protracted, it would make sense for wave five to do so.
A decrease below $43,000 would put this wave count in doubt afterward it would cause a crack-up from the wave 2-4 trendline (white). The resistance line of this trendline channel is presently at $51,000, coinciding with the previously schemed horizontal resistance area.
The one-hour chart shows that BTC has finished sub-waves one and two of this same ascending development (black).
There are several targets for the completion of this arrangement.
The first target is found between $47,700-$47,900. This field is created by an external retracement on wave four (black) and would give waves one and five a 1:1 ratio.
After all, afterward wave five is the most reasonable to maintain, targets at $49,553 and $51,445 would make more sense.
The latter, that would give waves one and five a 1:1.61 ratio, would one time before more have confluence with horizontal and diagonal resistance levels.
For CryptCraze’s previous Bitcoin (BTC) analysis, click here
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