Bitcoin Continues Cooling Off After Reaching All-Time High

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In Brief
  • Bitcoin is trading above support at $41,300.

  • The price is following a short-term ascending support line.

  • BTC is likely in sub-wave five of wave three.

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The Bitcoin (BTC) price has been gradually decreasing since breaking out on Feb. 8.

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Despite the decrease, the daily trend is still bullish. Furthermore, Bitcoin has reached an important support level which is expected to initiate a bounce and continuation of the upward movement.

Current Bitcoin Movement

On Feb. 11, BTC continued its gradual decrease after it broke out on Feb. 8. So far, BTC has reached a local low of $43,727.

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Despite the drop, technical indicators are still bullish, suggesting that this is just a regular retracement.

The closest horizontal support area is found at $41,300.

BTC Chart By TradingView

The two-hour chart shows that BTC has been following an ascending support line since the upward movement began on Jan. 27.

This line currently coincides with the $41,300 support area.

At the time of press, BTC had bounced at the 0.382 Fib retracement level and is in the process of initiating an upward movement.

While technical indicators fail to confirm the trend reversal, there is strong support back at $41,300.

BTC Chart By TradingView

Wave Count

The wave count suggests that BTC is in sub-wave five (black) of wave three (orange).

If sub-wave 4 has not ended yet, it’s likely close to doing so.

The most likely target for the top of the move is found between $52,600-$53,400, while the next most likely range is found at $58,000-$59,400.

A decrease below the sub-wave one high at $41,000 would invalidate this particular wave count.

BTC Chart By TradingView

Conclusion

Bitcoin is expected to increase toward the range of $52,600-$53,400. The more bearish scenario has BTC dropping towards a low of $41,300 before moving upwards once more towards $52,600-$53,400.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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