Bitcoin Technical Analysis

Bitcoin has been rising steadily in February amid a
positive risk sentiment as the central banks ended their tightening cycles and
are now looking for the right moment to start easing their policies. Recession
fears have also dissipated with resilient economic data and even some
reacceleration lately. Moreover, the market is also looking forward to the
halving event set for April.

Bitcoin Technical Analysis
– Daily Timeframe

On the daily chart, we can see that Bitcoin continues
to surge to new highs amid a positive risk sentiment and lots of FOMO. The
price is now a bit overstretched as depicted by the distance from the blue 8 moving average. In such
instances, we can generally see a pullback into the moving average or some
consolidation before the next move.

Bitcoin Technical
Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that from a risk
management perspective, the buyers will have a much better risk to reward setup
around the previous resistance at 52858
where we can also find the confluence with the
trendline and the
daily 21 moving average. The sellers, on the other hand, will want to see the
price breaking below the trendline to invalidate the bullish setup and position
for a drop into the next major trendline around the 45000 level.

Bitcoin Technical
Analysis – 1 hour Timeframe

On the 1 hour chart, we can see that the
price bounced on the red 21 moving average today and we can also notice a divergence with
the MACD. This
is generally a sign of weakening momentum often followed by pullbacks or
reversals. The sellers will want to see the price breaking below the black
trendline to pile in and target a drop into the 52858 support. The buyers, on
the other hand, will likely lean on the trendline with a defined risk below it
to target new highs.

Upcoming Events

Tomorrow we will see the US PCE and the latest US
Jobless Claims figures. On Friday, we conclude the week with the US ISM
Manufacturing PMI.

This article was written by FL Contributors at

Go to Forexlive

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