Bitcoin Price Analysis: Let’s Zoom Out on BTC Charts to Predict a Valuable Forecast
Wolfpack Crypto's Bitcoin (BTC) Update
Very positive price action. Bulls could close Feb as the first positive month in 6 months! Very bullish if we close above $3,700, but we could go as low as $3,450 and still have a positive move month over month.
This recovery is very different in structure versus anything we saw in 2018. We are in accumulation zone and speculation is getting more and more difficult.
Despite last weeks drop of 9% we still closed the week higher than previous week! Why are people complaining! We are making stair steps successes week after week!
This week is trading higher than previous week, but we are hitting resistance at $3,800-$3,600.
Ideally want to see bulls take charge and move above the 61.8% Fib extension at $3,925 and just as important hold the 50 Day MA at 3,630. Below this I will be stopped out and I will wait for a daily candle close looking for the next trade setup.
We are trading in the dumb zone so until BTC breaks above $3,925 or breaks below $3,630 there isn't anything really interesting going on.
Momentum on stochastic is rolling back out of overbought conditions and bulls are defending the 50 point on RSI . If bullish reactivation happens there is plenty of room to the upside for momentum.
Relax, stay patient and always use protection when trading!