Analysis

Bitcoin Technical Analysis February 15th

Bitcoin (BTC) appears to have reversed trend after bouncing off the midline of the previous trading pattern. It is possible that the short-term correction is complete.

Shooting Star Candle

Bitcoin (BTC) has been falling since Feb. 10 after hitting a local high of $44,821, creating a shooting star candle (red icon). The rejection occurred at the 0.618 Fib resistance at $44,890 and led to a low of $41,550 on Feb 14th.

The price has since recovered and is currently trading at $43,781. Bitcoin is currently approaching the $44,890 resistance area again.

BTC/USDT daily chart | Source: TradingView

Bitcoin bounces off the centerline of the channel

The six-hour chart shows Bitcoin bouncing off the center line of an ascending parallel channel that has been in place since Jan. 24.

After breaking out on Feb. 6, Bitcoin returned to the channel’s midline and confirmed it as support. This surge also coincides with the 0.382 Fib retracement support at $41,950.

BTC/USDT 6 hour chart | Source: TradingView

A closer look at the 2-hour time frame shows that the ongoing uptrend in both the RSI and MACD is preceded by significant bullish divergence. Such divergences often precede a trend reversal.

Therefore, the current pattern supports a bullish continuation.

BTC/USDT 2 hour chart | Source: TradingView

Count waves

The wave count shows that BTC has completed the fourth wave of an upside impulse and has just started the fifth and final wave of this rally.

The most likely target for the top of the move is between $47,625 and $47,912. This target area is the length of wave one (red) and the outer 1.61 Fib retracement level of wave four (black).

BTC/USDT 2 hour 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.