Bitcoin (BTC) has been on the rise since January 24th and finally broke through a key resistance area on February 4th.
Bitcoin has fallen below the descending resistance line since hitting an all-time high on Nov. 10. The move down led to a local low of $32,917 on Jan. 24. BTC has since recovered and is growing.
After three failed tests (red icon), Bitcoin finally broke the descending resistance line on Feb. 4 and created a major bullish candlestick. The move also helped the price move above the $40,800 horizontal resistance area. This zone should now act as a support.
The next areas of resistance are $46,780 and $51,000. These targets are the 0.382 and 0.5 Fib retracement resistance levels, respectively.
BTC/USDT daily chart | Source: TradingView
It is currently breaking the ascending resistance line (green circle). A break above it or a rejection will help set the direction of the short-term trend.
BTC/USDT 6 hour chart | Source: TradingView
Bitcoin technical indicators on the daily timeframe are bullish and support the continuation of the uptrend. This is visible in both the RSI and MACD.
The RSI, which is a momentum indicator, has moved above the 50 level, which is taken as a sign of an uptrend.
The MACD, formed by the short-term and long-term moving averages, is in positive territory. when this happened in earlier times, a clear upward movement followed.
Indicators on the daily timeframe are suggesting that Bitcoinwill break the parallel channel. In that case, BTC is likely to rally towards the $46,780 and $51,000 resistance levels outlined above.
BTC/USDT daily chart | Source: TradingView
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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