Crypto News - Bitcoin Probably Completes the Fourth Wave
00:05 Intro
01:48 Crypto News
03:17 Bitcoin News
04:32 Ethereum News
05:15 Bitcoin Technical Analysys
06:40 Bitcoin Probably Completes the Fourth Wave
07:01 Crypto Market News
07:46 Outro
Bitcoin (BTC) rebounded from minor support and is now consolidating around $42,000, possibly preparing to break the downside resistance line.
Bitcoin made a bullish breakout of the downside resistance line on January 12 and two days later turned it into support (green icon). After a weak rebound, BTC formed a slightly declining low on January 14.
The price then rebounded again, drawing another long bottom wick on the chart. This is often considered a sign of pressure from the buyers.
The nearest resistance is located around $45,850 (Fibo 0.5 retracement level and horizontal resistance).
On the 2-hour chart, bitcoin gives a number of bullish signals, but they are not enough to confirm a bullish reversal.
First, the price rebounded directly around the Fibo level of the 0.618 retracement at $41,538. This is a common level to complete corrections.
Second, the MACD indicator is forming consecutively rising momentum bars, although the second bar should still be closed. The rising momentum bars mean that the short-term MA is accelerating relative to the long-term MA. This usually occurs at the beginning of a bullish trend.
To confirm a short-term reversal, the BTC must make a bullish break of the short-term downtrend resistance line
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