After a brief rebound from the S / R level of $ 42,000, Bitcoin (BTC) still stays somewhere in between the said level and the S / R level of $ 47,000. In other words, what was easy to assume is more or less happening. I would venture to say that we will remain in this range at least until the end of the week, but that is just my estimate.
Current situation at 4H BTC / USD
So Bitcoin bounced back nicely from S/R level 42,000 USD. Therefore, the market tends to follow the current trend, which is represented by the drawn support diagonal. This is a short trend so far, so it is by no means certain that it will last longer. As I said in previous analyzes, we are still unlikely to test the $ 30,000.
The bitcoin course has been in a relatively narrow corridor for almost ten days. To tell the truth, retracement to $ 42,000 and the subsequent rebound is a technically positive development. It is good that the course has confirmed that this is now support by touching the former resistance.
So it may seem that everything is still bullish. But the last one closed weekly candles it all spoils it terribly. I want to emphasize the market situation it is never downright black and white. As I often repeat, it’s more like mince, which has two sides. So there are always factors that can be assessed as bull, but we also have bearish factors.
So, from the point of view of a 4H graph, for example, everything seems to be in order. That is, except for the turbulent development of February 10. But otherwise we have a young trend ahead of us that can’t be criticized much. The testing of the 42,000 USD went very nicely and the chart shows that the purchases took place there.
Indicators
According to RSI we are at 61 points. Therefore, the values of the indicator are still kept in the upper half of the values. We can also evaluate this positively.
In conclusion
Therefore, the latest events of this week cannot be taken other than as bitcoin strengthens its position. The weekly candle is naturally terribly bearish and we shouldn’t ignore it. However, for example, the bulls will be able to completely invalidate it. In any case, we can assume that when bitcoin gets above $ 47,000, FOMO will start.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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