Bitcoin (Bitcoin (BTC)) made another unsuccessful attempt at moving over the $45,000 resistance field on Feb 16 but technical indicators suggest which it’s gearing up for another interim increase.

Bitcoin accelerated considerably on Feb 15, spreading to a close of $44,544 in the process (red icon). The excessive was made within the $44,300 horizontal resistance area.

While the rate failed to break out atop this level, it’s worth mentioning which yesterday’s close was the strongest afterward the entire ascending move began, even though BTC realized a wick high of $45,821 on Feb 10. The matter which buyers managed to sustain the price and close at this level is a bullish move.

A breakout over this resistance would be inclined to cause the price to accelecost rapidly.

BTC Resistance
BTC Chart By TradingView

Future BTC evolution

A zoomed-out view shows which the next resistance area is found at $51,100. This is the 0.5 Fib retracement resistance level and one time before more a horizontal resistance area. With the condition that BTC manages to break out from the current area, it would be inclined to reach this level.

Regardless of the potential bearish divergence developing in the RSI (green line), technical indicators are one time before more bullish. The RSI is over 50 and the MACD is nearly positive. In addition to this, the latter created a higher momentum bar, putting a stop to the three-day decrease in momentum.

BTC Future
BTC Chart By TradingView

Wave count analysis

The wave count suggests which BTC has now begun the fifth and final wave of an ascending progress (red).

The most expected target for the top is found between $47,625 and $47,912. This area is the length of wave one (red) and an external retracement on wave four (black). what\\\\\\\\\\\\\\\’s more, it coincides with the midline of a parallel surging channel (white), created by connecting the tops and bottoms of waves one and three.

BTC Chart By TradingView

The sub-wave count still suggests which BTC will promptly begin the fifth and final sub-wave (black). This sub-wave has to remain in order for the cost to reach the proposed target. 

Considering which BTC is likewise in wave five, sub-wave five is the most possible to advance.

BTC interim
BTC Chart By TradingView

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

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