Bitcoin Touches $51,000 in a Robust Comeback

2021-2-17 11:48

On Feb. 16, Bitcoin finally managed to break out above $50,000 and reached a high of $50,689. BTC has continued its ascent today reaching an all-time high price of $51,280.

While Bitcoin is likely in the final portion of the upward move, it could increase all the way to $55,000 before correcting.

  Bitcoin Breaks Through $50,000

On Feb. 15, BTC created a hanging man candlestick, which can be read as a sign of weakness when coming in an upward trend.

However, BTC created a bullish candlestick the next day, reaching a high of $50,689 before decreasing slightly. BTC has begun Feb. 17 with a considerable increase. So far it has reached a new all-time high price of $51,280.

Technical indicators are also bullish. The Stochastic oscillator and MACD have resumed their upward movement while the RSI has bounced above 70.

BTC Chart By TradingView

The two-hour chart shows that BTC is in the process of breaking out from an ascending resistance line, which has been in place since Feb. 8.

Furthermore, BTC has broken out from the $49,500 horizontal level and validated it as support after (green arrow).

Both the MACD and RSI support the possibility of a breakout, especially since the former has crossed into positive territory. Therefore, BTC is expected to break out from the ascending resistance line and continue higher.

BTC Chart By TradingView BTC Wave Count

The wave count suggests that BTC is nearing the top of wave three (orange), which has a target between $55,000-$56,000. This range was found by using the length of sub-wave one (black).

Despite this being the most likely target, BTC appears to be in the final portion of the current upward move. It’s not certain that it will reach $55,000 before breaking down and beginning a corrective wave four (orange).

A decrease below the wave one high of $38,640 would invalidate this particular wave count.

For the longer-term wave count, click here.

BTC Chart By TradingView Conclusion

Bitcoin is expected to continue increasing towards the range of $55,000-$56,000 before potentially breaking down.

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

The post Bitcoin Touches $51,000 in a Robust Comeback appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97827.07 (-0.16%)
Объем 24H $104.329b
Изменеия 24h: 3.51 %, 7d: 11.01 %
Cегодня L: $97827.07 - H: $98126.63
Капитализация $1934.853b Rank 1
Цена в час новости $ 51017.25 (91.75%)

bitcoin upward man candlestick hanging btc feb

Источник: beincrypto.com

bitcoin upward → Результатов: 126


Фото:

How Bitcoin’s Current Upward Move Compares to Previous Bull Traps

The Bitcoin price has been increasing rapidly since reaching a low on March 13. At the time of writing, BTC is trading a full 94% above the aforementioned low of $3,760. Despite the massive increase, not everyone is convinced that BTC has already reached a bottom, One such individual is cryptocurrency trader @CryptoCapo_, who outlined […] The post How Bitcoin’s Current Upward Move Compares to Previous Bull Traps appeared first on BeInCrypto.

2020-4-10 18:11


Фото:

Bitcoin’s Price Action Resembles a Bearish Wyckoff Distribution

On March 20, the BTC price reached a high of $6,900. Since then, it has been mostly trading in a range between $6,100-$6,900, with the exception of a failed breakdown attempt on March 27. On April 2, the price initiated a rapid upward move and reached a high of $7,192, however, the higher prices could […] The post Bitcoin’s Price Action Resembles a Bearish Wyckoff Distribution appeared first on BeInCrypto.

2020-4-3 17:10


Фото:

Is Bitcoin Moving in an Ascending Triangle or Wedge?

On April 2, the Bitcoin price initiated a very swift upward move, rallying from a low of $6,551 to a high of $7,194. While initially, it seemed that this movement would cause a breakout above the current pattern, the higher prices could not be sustained and BTC reached a close of $6,794, slightly below the […] The post Is Bitcoin Moving in an Ascending Triangle or Wedge? appeared first on BeInCrypto.

2020-4-3 13:45


Фото:

Bitcoin Breaks Out Above Resistance — Is $8,000 Just Around the Corner?

On April 1, the Bitcoin price initiated an upward move that caused it to break out above its descending resistance line and with it the symmetrical triangle it had been trading in since March 20. Bitcoin Price Breakout Last night, the Bitcoin price broke out from the possible symmetrical triangle it has been trading in […] The post Bitcoin Breaks Out Above Resistance — Is $8,000 Just Around the Corner? appeared first on BeInCrypto.

2020-4-2 12:53


Фото:

Bitcoin Aims to Re-Test Important Weekly Support and Resistance Levels

During the week of March 16-23, the Bitcoin price increased significantly, at one point reaching a high of $6,900. However, it decreased considerably over the weekend. Since the price failed to reclaim this important resistance area, this week’s movement will likely see a bearish re-test of support, rather than the beginning of an upward move.

2020-3-23 17:10


Фото:

Cryptocurrency Wallet Adoption Has Tripled in Three Years

In general, the adoption of Bitcoin and other cryptocurrencies has been in an upward trend, one that has been far from uniform. Interest has spiked alongside price in what is known as a Satoshi cycle, while institutional interest in blockchain has also only recently taken off, especially during the 2018 bear market when the price […] The post Cryptocurrency Wallet Adoption Has Tripled in Three Years appeared first on BeInCrypto.

2020-2-22 03:10


Bitcoin is Gold on Steroids that would Make an All-time High by Halving: Galaxy Digital CEO

Earlier this week, Bitcoin breached $10,000 and since then we have been keeping above this level. The digital asset is up 40% in 2020 so far and according to Michael Novogratz, the founder, CEO and chairman of Galaxy Digital that invests in cryptocurrency, it could further continue its upward trend and “by the end of […]

2020-2-16 20:35


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75%

Compared to Bitcoin, cypto hedge funds have underperformed in 2023. against this backdrop, investors have lost confidence and 13% of funds shuttered since the begining of the year. The post 13% of Crypto Hedge Funds Have Closed in 2023 Despite Bitcoin Climbing 75% appeared first on BeInCrypto.

Upbit Exchange Outperforms Coinbase and OKX in July

Korean exchange Upbit records $29.8 billion in spot trading volumes as it benefits from superior regulation compared to US exchanges. The post Upbit Exchange Outperforms Coinbase and OKX in July appeared first on BeInCrypto.