Bitcoin approaches the neckline: Technical Outlook, Edition #186 (16/02/2022)
Will macro factors give bears their time in the sun, or will the golden bull market resume? Read now to find out!
Bitcoin completes a ‘golden cross’ following through a re-test of both the D1 20 EMA and D1 50 MA, forming the new support.
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Bitcoin, $BTC - 1 Day (D1)
Perfect timing as the right shoulder (RS) forms on a potential inverse head and shoulders, bullish of nature and a well-known bottom reversal pattern.
Bitcoin, $BTC - 1 Day (D1)
The price must now flip the neckline resistance into support for this rally to extend higher.
Bitcoin, $BTC - 4 Hour (H4)
Accommodating neckline resistance on the H4 timeframe has revealed a path straight to the .382 Fibonacci retrace level at USD 46,750.76. A line in the proverbial sand places significant resistance at USD 46,750.76, and therefore flipping this zone into support would be bullish.
Note that this structure overall could still be corrective until BTC/USD climbs back above the .618 Fib retrace level at USD 55,258.20. On a micro-scale, and special thanks for George Saber from Coin Observatory for mentioning this.
The H1 BTC/USD chart below has been consolidating around a much smaller .618 Fib pivot level and is having trouble with attempts to close above USD 44,224.57.
Bitcoin, $BTC - 1 Hour (H1)
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To surmise, Bitcoin needs to grind a little higher and close above the more significant daily .382 Fib retrace level at USD 46,750.76. That would be bullish, whereas nuking either at the current price, our smaller hourly .618 at USD 44,224.57 or around the larger daily .382 Fib retrace level at USD 46,750.76 is quite bearish.
See you again for the next update.
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