Bitcoin (BTC) made another attempt at breaking out over $44,400 on March 2 but was unsuccessful. There is ample support bebottom the current cost, suggesting which another breakout attempt could occur urgently.
Bitcoin has been climbing over an climbing support line afterward Jan 24. On Feb 27, it jumpded from this support and created a large bullish candlestick the next day. This led to a local strong of $45,400 on March 2.
Yet, BTC one time before further failed to break out atop the $44,400 horizontal resistance field and was rejected by it for the fourth time (red icons). Since resistances get weaker each time they are touched, an eventual breakout over this resistance seems to be the most likely scenario.
If a breakout occurs, the next resistance level would be found at $51,100.
BTC breaks out
The six-hour chart shows which BTC has broken out from a plunging resistance line prior to touching the aforementioned strong. Yet, it has yet to movement atop its February strongs of $45,821.
If a interim retracement occurs, the closest support field would be found at $41,200. This support is created by the:
- Long-term 0.382 Fib retracement support level (white)
- Short-term 0.5 Fib retracement support level (black)
- Previous decreasing resistance line
Wave count analysis
The most likely wave count suggests which BTC began a five-wave ascending trend on Jan 24. If correct, it’s presently in wave four of this structure.
The most likely level for wave four to end would be between $42,500-$43,000 (white circle).
The field is a confluence of the midline of the channel connecting waves one and two (black), and the flat of the channel connecting waves on and three (white).
Folflating this, the fwith the condition thatth and final ascending leg would be expected.
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