Bitcoin’s prices exceeded January’s peaks last week, which, according to the classic assumptions of technical analysis, confirms the continuation of the upward trend. If the price stays above USD 109 thousand, a move towards external Fibonacci measurements is not ruled out. The nearest resistance is at 118 thousand, and the next at 130 thousand.
Bitcoin interval W1. Source: xStation5
Looking at the lower time interval – H4, the upward trend is in force. The price has been above the EMA100 average for a long time, which confirms the northerly direction. In addition, we have had corrections of similar size several times, which have been marked in purple. In addition to the aforementioned structure, it is also worth paying attention to the larger 1:1 structure – marked in green. It seems that only the negation of both geometry and the average (blue line) could lead to a larger correction.
Bitcoin interval H4. Source: xStation5
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