BTC has seemingly reversed its trend after bouncing at the middle of its previous exchanging figure. It’s possible that the momentary correction is now complete.

BTC had been tumbling afterward Feb 10 after spreading to a local excessive of $44,821, generating a shooting star candlestick (red icon). The rejection occurred at the 0.618 Fib retracement resistance level at $44,890 and led to a low of $41,550 on Feb 14. 

The rate has jumpeded afterward and is presently exchanging at $43,781. Bitcoin (BTC) is now approaching the $44,890 resistance area back although also.

Bitcoin (BTC) Daily
BTC Chart By TradingView

BTC jumps at channel

The six-hour chart shows that BTC has leapt at the midline of an growing parallel channel, that had previously been at it afterward Jan 24.

After breparallelg out on Feb 6, BTC returned to the middle of the channel and bonas fideated it as support. This jump further coincides with the 0.382 Fib retracement support level at $41,950. 

BTC Channel
BTC Chart By TradingView

An even closer look at the two-hour time frame shows which the ongoing skyward developmentment was preceded by relevant bullish variations in both the RSI and MACD. Such inconsistencies often precede trend retractions. 

Therefore, the current figure supports the probability of the ascending movement continuing.

Bullish divergence
BTC Chart By TradingView

Wave count

The wave count suggests which BTC has finished wave four of a five-wave ascending change and has hardly begun the fifth and final wave of this increase. 

The most reasonable target for the top is found between $47,625 and $47,912. This target field is the length of wave one (red) and an external retracement on wave four (black).

Wave count
BTC Chart By TradingView

CryptCraze’s previous Bitcoin (BTC) analysis, click here

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