Analysis

Bitcoin Technical Analysis February 9th

Bitcoin (BTC) broke above its short-term pattern on Feb. 7 but was rejected by the nearest Fib resistance the next day. Attempts are currently being made to find support.

The doji candle is at strong resistance

Bitcoin hit a local high of $45,492 on Feb. 9 before falling.

The decline comes after being rejected by the 0.618 Fib retracement resistance level as the recent part of a (highlighted) bearish move was measured at $44,720. It then creates a bar of doji (red icon), which is generally considered a sign of indecisiveness due to its long upper and lower wicks.

The next supports are found at $40,725 and $39,250. These are the 0.382 and 0.5 Fib retracement support levels (white).

BTC/USDT daily chart | Source: TradingView

Breakthrough

The two-hour chart shows Bitcoin breaking out of an ascending parallel channel that had previously been in place since January 24th.

It is currently validating the channel’s resistance line as support (green icon). If successful, this should lead to a continuation of the upward movement towards new highs.

BTC/USDT 2 hour chart | Source: TradingView

Count waves

Based on the shape of the current bullish move, BTC’s most likely long-term wave number suggests a bottom has been reached.

As for the short-term wave count, it looks like Bitcoin is about to complete a pullback that contains wave 4. 0.5 at $41,920 and $40,800 respectively.

Accordingly, a continuation of the upward trend can be expected.

BTC/USDT 2 hour chart | Source: TradingView

The number of alternating waves indicates the formation of a triangle containing wave 4. On this possibility, BTC will not break into the channel and instead will continue to confirm the channel’s resistance line and consolidate before the breakout.

Hourly BTC/USDT 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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

40 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

5 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.