Bitcoin Update 29.02.2024 (4hr-Chart)

Feb 29

Good morning! 🌞 Bitcoin maintains its positive momentum and is currently on its way to fill the upper Wick at around $64,000.

Our structures remain quite fragile, as we have exactly 2 support levels in the current chart. The 1st support level is within our current range (orange box) between approximately $61,000 and $62,500, with the latter still to be surpassed.

The 2nd support level is at the end of the downward Wick in the support box (green box) starting from $57,600. Volume-wise, we only get support again in our former range at $52,000 after this area.

Looking at the indicators, they are all overwhelmed, but our EMAs are slowly moving towards important support zones. The 20 EMA is above our support box, and the 50 EMA is gradually moving into this area. Examining the 100 EMA, we notice it is slowly leaving the old range and entering our parabolic rise. However, it will take some time before it reaches significant levels.

Given the current momentum, I expect green numbers today, but I would be cautious around $64,000, as the first orders were placed there, accumulating a significant amount of liquidity (blue lines) above this level.

It remains exciting, and our all-time high (ATH) is getting closer. Do you think we can reach it without a correction?

If you have any questions, I'm available in the ⁠trading-chat at any time. Until then, I wish you a successful BTCUSD Trading day! 🚀💹