Green or Red February for Bitcoin?
After a massive bear run, BTC holders saw an almost 40% gain in Bitcoin price in Jan 2023 pushing the fear and greed metric into the “Greed” zone. After a strong rally in January, what is next for Bitcoin? In the last 8 years, we have seen a green February for Bitcoin except in Feb 2020. Thus, we expect 2023 February to be a green February for Bitcoin.
Price is above its 20 and 50 EMA on a daily timeframe and is currently hovering near its support at 22800 with the next resistance at 25100. If the price breaks this support, the next support can be found at 20-EMA.
On a daily chart, there is a formation of RSI divergence which is a bearish signal although, we need to keep an eye on other metrics too.
On a 2- hour timeframe, price has fallen below 20 EMA which is also acting as resistance and 50 EMA acting as support. Moving Average Convergence Divergence (MACD) line has crossed the signal line indicating possible price correction.
Price is above its 20 and 50 EMA on a daily timeframe and is currently hovering near its support at 22800 with the next resistance at 25100. If the price breaks this support, the next support can be found at 20-EMA.
On a daily chart, there is a formation of RSI divergence which is a bearish signal although, we need to keep an eye on other metrics too.
On a 2- hour timeframe, price has fallen below 20 EMA which is also acting as resistance and 50 EMA acting as support. Moving Average Convergence Divergence (MACD) line has crossed the signal line indicating possible price correction.
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