Bitcoin Update 24th February 2021
Bitcoin update after a recent dump of the whole market.
Timeframe: 1D, 4 Hours
Daily Timeframe Bitcoin Update
Look at the chart. What we are looking at is a big ascending wedge (Red Color). Since the bull run of 2021, Bitcoin is forming this ascending wedge that was broken on 19th Feb with poor volume and headed towards the $60k. As a result of a breakout with poor volume is here. We can see how Bitcoin dumped from the level and came back in the wedge territory where the upper wedge line will act as a resistance. Based on the Daily timeframe analysis, the most recent resistance for Bitcoin is $52,000 – $53,000 level.
4 Hour Timeframe Bitcoin Update
As we can see in the 4-hour chart, Bitcoin made an inverse cup and handled pattern after breaking out from the wedge. Eventually, the Cup and Handle pattern played well. The great part of that was Bitcoin is holding the support zone at $45000 – $46000 and shows great strength and came back in the smaller wedge where the upper red line of big ascending wedge and white wedge line drawn.
Overall, if we see some days of consolidation between $45k to $52k, which is a bigger range, it will be good and allow bitcoin to create a solid form of support here.
Another perspective of the same analysis is to look at the cup and handle pattern’s neckline. Bitcoin is currently rejected from that level and has low buying volume, which indicates the dump is coming for the short term. The most expected support is at $44k – $45k, and if that broken, next would be $40k – $42k.
Fractal Bitcoin Update
If you know when Bitcoin was trading at $22k, we have shared on Bitcoin fractal update. So far, Bitcoin shows very similar moves. The recent dump is also part of the analysis. You can see the below image.
Overall, we are still bullish from a macro view, and there is no reason to sell Bitcoin unless and until Bitcoin close the candle below $40k with good volume. In the micro view, we might see some back and forth.
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