Bitcoin ceiling!

Bitcoin ceiling!

By Little Bull | Cryptos.News | 11 Feb 2021


Just 3 days after the more than interesting jump of Bitcoin to $48K in which more than one surely thought "Until $50K it doesn't stop", but... it stopped.

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In the short term what we could ask is that it tests the trend line parallel to its previous floor, which had already tested twice as a ceiling before breaking it.
If it does so, we could see a strong rise in the short term.
If not, we could see a parallelization and test of the 3,618 Fibonacci level, which is around $42.7K.
It is worth remembering that in speed is in the range of 0 to -0.382, so quietly following the speed patterns that we usually find the price could go to seek support at -0.382.

 


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With the RSI we find that it is rising fast and still with margin, closing the day at 70 to continue rising we would expect to stop at 85, but quietly could relax thus accompanying a parallelization of the price which will serve to test as a new floor at $ 42K.

 


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In the Stochastic we find very little room to rise (barely 5%), even in recent months at the current point is where it remains as a ceiling.
This is nothing to be alarmed about, it is just reaching the maximum and again looking at its previous behaviors, when it reaches the oversold zone it is usually maintained for a month or month and a half. It is really a positive sign that it has just arrived, in the last rises while the Stochastic remained high the price accompanied or parallelized.


Conclusion:

We are at levels that Bitcoin had never reached before and it is worth being attentive to any sign, in the short term there are no indicators of a strong pullback, we will only have to wait as it tests the $42K to expect to set new targets.

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Little Bull
Little Bull

Argentinean blogger.


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