Bitcoin (BTC) Falls Back After Reaching New All-Time High

2021-2-15 11:34

The Bitcoin (BTC) price reached an all-time high price of $49,707 on Feb. 14 but dropped shortly after.

Despite the drop, it is still likely that the Bitcoin trend is bullish and the price will continue higher.

  Bitcoin Shows Weakness

During the week of Feb. 8-15, the BTC price created a bullish candlestick in the weekly time-frame, reaching an all-time high price of $49,707 on Feb. 14.

While the weekly close was decisively bullish, the weekly RSI has generated a significant bearish divergence, a sign of a possible trend reversal.

Nevertheless, both the MACD and Stochastic oscillator are still bullish, suggesting that the trend is also positive.

BTC Chart By TradingView

The daily time-frame provides a similar outlook. The daily RSI has generated a bearish divergence, but the MACD & Stochastic oscillator are moving upwards.

Furthermore, depending on the close, it’s possible that the RSI will generate a hidden bullish divergence (dashed), invalidating the previous bearish divergence.

Therefore, while there is a bearish divergence in both the weekly and daily time-frames, it’s not sufficient to confirm a trend reversal.

If BTC were to continue to drop, the closest support area would be found at $41,300.

BTC Chart By TradingView BTC Wave Count

The wave count suggests that the drop was part of sub-wave four (black). BTC is likely to increase and complete sub-wave five soon, which has a target near $53,500. This increase would complete wave three (orange), which is part of a longer-term bullish impulse.

A decrease below the wave one high at $38,620 (red line) would invalidate this particular count.

For the longer-term wave count (white), click here.

BTC Chart By TradingView

The shorter-term count suggests that this is a running flat correction. This is evidenced by the possible parallel channel. BTC will likely increase after another possible drop towards $46,000.

BTC Chart By TradingView Alternate Scenario

An alternative scenario suggests that wave three has been completed and BTC has just begun a corrective wave four. At the time of press, we cannot determine the shape of this corrective structure.

The end result of the count would still be the same, as would the invalidation level at $38,620.

BTC Chart By TradingView Conclusion

After a possible short-term drop towards the support line of the channel, Bitcoin is expected to initiate another upward move that takes it above $50,000.

An alternative wave count would suggest a more significant decrease towards the support at $41,400 before the upward move commences.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here

The post Bitcoin (BTC) Falls Back After Reaching New All-Time High appeared first on BeInCrypto.

origin »

Bitcoin (BTC) на Currencies.ru

$ 96169.75 (+0.43%)
Объем 24H $37.808b
Изменеия 24h: 0.41 %, 7d: -0.02 %
Cегодня L: $94117.42 - H: $96308.28
Капитализация $1906.565b Rank 1
Цена в час новости $ 47713.45 (101.56%)

bitcoin price bullish feb high all-time reaching

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30