• Bitcoin (BTC) Retraces After Breaking Above $52,000

    19 Feb 2021 | Economic News
  

Bitcoin (BTC) Retraces After Breaking Above $52,000

After reaching a high of $52,640, BTC returned and validated the prior ascending resistance line (green arrow). This level is now likely to act as support. The re-test also coincides with an RSI bounce at 50 — a sign that the BTC is ready to move higher.

 

A MACD histogram cross into positive territory would confirm that the short-term trend is bullish.

 

BTC Wave Count

The wave count suggests that BTC has nearly reached the top of wave three (orange). The wave is a part of a bullish impulse that began on Jan. 27, 2021.

 

The most likely target for the top of this move is found between $55,100-$55,900. After making it past this range, the next likely target would be found between $60,600-$62,000.

 

The sub-wave count is shown in black and indicates that BTC is in sub-wave five.



The longer-term count (white) shows that BTC is also nearing the top of a long-term wave five that began in March 2020.

 

The most likely target for the top of the move is found between $63,800-$66,550.

 

This target makes it more likely that the move in the previous section will end near $56,000. A final upward move could potentially take BTC towards the $63,800-$66,550 range.


Conclusion

Bitcoin is likely to reach a high between $55,100-$55,900 before correcting. An extended upward move could take BTC toward $60,000 before a correction occurs.

 

Reference: Beincrypto

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