Bitcoin price continued rising yesterday from a low of $235.86 up to record a high of around $244. The new uptrend is steady and continued to push the price to higher levels earlier today reaching $244.4 at the time of writing of this analysis.
By studying the 1 hour Bitfinex (BTC/USD) chart from tradingview.com and plotting the 20 hour EMA (look at the below chart), we can notice the following:
- The bullish wave that started on the 18th of January has gained strength during yesterday’s later trading sessions, as shown by 2 bullish rallies, each consisting of 4 bullish candlesticks, on the 1 hour chart.
- During most of yesterday’s trading sessions, bitcoin price was trading above the 20 hour EMA, so it is likely to see the bullish wave push the price towards the $256 resistance level within the next 24 hours, provided that the tempo of this uptrend remains unchanged.
- At the time of writing of this analysis, bitcoin price is approaching the $246 level which resisted further rise on the 17th of February, so if the bullish wave succeeds in pushing the price above $246, it will face no considerable resistance along the way to the $256 resistance level.
By studying the 1 day Bitfinex (BTC/USD) charts from tradingview.com, calculating the RSI and plotting the Fibonacci retracement fan across a trend line that extends between the high reached on the 13th of November ($475.31) and the low reached on the 14th of January ($167.02), we can conclude the following:
- Bitcoin price has now risen above the 50% Fibonacci retracement fan level, so if we can see it exceed $246 soon, it will face resistance at the $256 and $280 respectively, before reaching the $300 resistance level.
- The RSI is now sloping in an upwards direction that parallels the current 1 day (BTC/USD) chart. The value of the RSI is now around 53, so it seems that the bullish wave will continue on to push the price to higher levels; however, whenever its value rises to 70, it is likely to see the bullish wave slow down or even reverse.
Conclusion:
Bitcoin price is continuing to rise and is now about to break through the $246 level. As steadily as the current bullish waves seems to be, we will probably see bitcoin price approaching the $256 resistance level soon.
Charts from Bitfinex