On Feb 20, the Bitcoin price reached the support line of the short-term descending channel it has been trading in and has been increasing since.
Bitcoin Price Highlights
- The Bitcoin price is trading inside a descending channel.
- It is trying to flip the $9,650 level as support.
- The daily RSI is right at the 50-line.
- Short-term moving averages are bearish.
- There is resistance at $10,400 and $10,900.
Descending ChannelThe price is trading inside a short-term descending channel, It reached the support line of the channel twice on Feb 20 and began the current upward move. However, the price has yet to move above any significant Fib retracement levels. In addition, the 50 and 200-period moving averages (MA) have made a bearish cross, and the former is providing close resistance to the price. Therefore, until the price at least flips the 0.5 Fib level as support, the current movement should still be considered a retracement.
Trading RangeThe Bitcoin price has been trading in a range with the main support/resistance areas at:
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.