Bitcoin price is trading above the 200 EMA and above the 21 SMA and above the 6/8 Murray. BTC is showing a positive bias and is likely to continue moving up to 7/8 of Murray around 46,875 in the next few hours.
Bitcoin price continues to project a bullish outlook as it makes higher highs and trades above the ascending channel. However, the leading cryptocurrency may fall if on 4-hour charts it locates and trades below the 200 EMA at 41,500 and below 5/8 Murray.
Bitcoin price has formed an uptrend channel on the 4-hour chart, which suggests a bullish outlook for BTC in the coming days will continue to prevail.
The first line of defense for the price of Bitcoin is at 7/8 Murray at 46,875. If this barrier is overcome, BTC could quickly rise towards the psychological level of 50,000.
A sharp break below the uptrend channel and a consolidation on daily charts below 40,625 will be a clear signal to sell Bitcoin with targets at 37,500 and up to support of 32,850.
BTC has formed a rising wedge pattern which could mean that it is preparing for a new bullish wave with targets at 46,875 and $50,000. Conversely, a close below the 200 EMA will nullify this technical pattern signal.
In the medium term, Bitcoin is likely to remain under downward pressure because the United States plans to increase its interest rate at the policy meeting scheduled for March. This could affect the strength of BTC and it could fall back towards the psychological level of $30,000.
Support and Resistance Levels for February 16 - 17, 2022
Resistance (3) 45,881
Resistance (2) 44,893
Resistance (1) 43,750
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Support (1) 42,654
Support (2) 41,313
Support (3) 40,625
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Scenario
Timeframe Daily
Recommendation: Buy if rebound
Entry Point 41,500
Take Profit 43,750; 46,875
Stop Loss 40,320
Murray Levels 50,000 (8/8), 46,875(7/8), 46,750 (6/8), 40,625 (5/8)
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