CRYPTO NEWS - Bitcoin Rose 13% in Two Days From Local Lows
CRYPTO NEWS - Bitcoin Rose 13% in Two Days From Local Lows
00:02 Intro
01:15 Crypto News
02:01 Bitcoin News
03:12 Ethereum News
04:02 Bitcoin Technical Analysys
05:55 Bitcoin Price Prediction
06:28 Outro
Bitcoin reached a local low of $33,000 on January 24 and has been rising ever since. Now BTC is approaching the first important resistance (Fibo level and horizontal area).
Bitcoin has been trading inside an ascending parallel channel since April 2021. On January 24, 2022, BTC hit a low of $32,917 and then rebounded from it. As a result, the market tested the support line of this channel, and the Coin gained 13% after the rebound.
The main resistance is located around $40,800. Earlier this area played the role of support until bitcoin broke it on January 21. Now it can act as resistance.
BTC keeps on rebounding
On the 2-hour chart, BTC is approaching the $38,200 resistance area. It is the Fibo level of 0.5 retracement and it is a horizontal resistance. A breakout of this level will be an important signal that a bullish price structure is forming.
Technical indicators are also giving bullish signals. The RSI index, which is a momentum indicator, has already exceeded the 50 mark (green icon). This indicates that the short-term trend is bullish. Likewise, the MACD has almost entered the green zone.
However, it remains to be seen if that move above 50 (red circle) is just a short-term price deviation, as it was on January 20.
A bullish breakout of the $38,200 area and a close above that would confirm that we are not just dealing with a relief rally.
#cryptocurrency #crypto #bitcoin
00:02 Intro
01:15 Crypto News
02:01 Bitcoin News
03:12 Ethereum News
04:02 Bitcoin Technical Analysys
05:55 Bitcoin Price Prediction
06:28 Outro
Bitcoin reached a local low of $33,000 on January 24 and has been rising ever since. Now BTC is approaching the first important resistance (Fibo level and horizontal area).
Bitcoin has been trading inside an ascending parallel channel since April 2021. On January 24, 2022, BTC hit a low of $32,917 and then rebounded from it. As a result, the market tested the support line of this channel, and the Coin gained 13% after the rebound.
The main resistance is located around $40,800. Earlier this area played the role of support until bitcoin broke it on January 21. Now it can act as resistance.
BTC keeps on rebounding
On the 2-hour chart, BTC is approaching the $38,200 resistance area. It is the Fibo level of 0.5 retracement and it is a horizontal resistance. A breakout of this level will be an important signal that a bullish price structure is forming.
Technical indicators are also giving bullish signals. The RSI index, which is a momentum indicator, has already exceeded the 50 mark (green icon). This indicates that the short-term trend is bullish. Likewise, the MACD has almost entered the green zone.
However, it remains to be seen if that move above 50 (red circle) is just a short-term price deviation, as it was on January 20.
A bullish breakout of the $38,200 area and a close above that would confirm that we are not just dealing with a relief rally.
#cryptocurrency #crypto #bitcoin
