Careful not to lose your earnings over the next few days, plenty indicators are looking good for BTC in the long run, but as for February, these indicators look like we'll be seeing a small dip. The massive descending triangle around BTCUSD is looking extremely promising for Bitcoin's future. However, there is some immediate resistance that needs to be looked at. First, BTC managed to slip down slightly past the SMA 200 (Dark Red Line), where we saw a hint of a reversal.
Simultaneously, we can see the RSI crossover (light red/light blue) also adding strength to the reversal.
Now here we are...
Since Feb. 6th, Bitcoin was able to regain momentum for about 12 days, until the world stopped to stare at the shooting star (blue arrow)... February 20th, the shooting star signaled a quick reversal to the bull. We can see an RSI crossover (light red/blue) again immediately after this shooting star.... oh and we tried to sneak a peak outside the triangle's ceiling, but the resistance of SMA 50 shut us down real quick.
In the 1day chart, bitcoin is looking for a reversal from these dark days, and it's looking awful promising for the long term.
Well, not looking so hot, to be honest. On the 4 hour chart we can see the price slipping below the SMA 50 today along with a triple bottom from the Stoch. MACD is moving through the signal line, all bearish signals. I can see BTC dropping below 8.5k in the next few days. However, if BTC gains support around 8.3k (.618 retracement from most recent bull run), we could see BTC heading back to test more resistance around 11.5k
Overall, I wouldn't panic yet. I would stay away from alts for now with these conditions.
Thanks for reading.
Trade smart!