The RSI and MACD are close to generating a strong bullish signal as the price of BTC increased on Feb 28.
Bitcoin has been moving upwards since Jan 24 and looks to be following an ascending support line.
Since Jan 24, it has been moving upwards and looks to be following an ascending support line.
A bullish candlestick with a magnitude of 15% was created by BTC on February 28. This was the largest bullish candlestick in the past year.
If you want to get to the closest resistance levels, you have to go to $44,400 and $51,150. It’s very significant because of the horizontal resistance area and the resistance level.
Indicators give bullish signal
The daily time frame has technical indicators that are positive. The RSI cross above 50 is an example of this. The readings above 50 are considered to be signs of a bullish trend for the RSI.
The short and long-term moving averages that are used to create the MACD are increasing and nearly positive. This shows that the short-term MA is quicker than the long-term average.
The last time the RSI was above 50 and the MACD was positive was in October of 2021, when the price of BTC was nearing its all-time high.
In February of 2022, when the RSI was above 50, but the MACD was negative, BTC failed to sustain its upward movement.
In order for the upward trend to be confirmed, it is necessary that the MACD moves into positive territory. It is possible that this will cause the price of BTC to break out above $44,400.
It is interesting that the RSI has not yet crossed into oversold territory, which is usually the case prior to a reversal.
Bullish outlooks are provided by the daily and six-hour time frames.
BTC wave count
As for the short-term analysis, there are still two main possibilities.
The first suggests that an A-B-C corrective structure is behind the ongoing increase. Waves A and C have an exact 1:1 ratio. This suggests that the upward movement has come to an end.
The fact that wave C has moved above the resistance line of the parallel channel casts doubt on the possibility.
The wave count would be invalidated by an increase above the $45,850 local high on Feb 10.
The increase is part of a five-wave upward move which could lead to new highs. BTC is in wave 3.
It would suggest that this is the correct count if BTC manages to hold on above the resistance line.
The wave count would be invalidated by a fall below the wave one high of $40,330.
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