Valentine’s Day is a holiday that is traditionally associated with love and romance. It is a day when people express their affection for one another through gifts, flowers, cards, and other gestures of love and appreciation (like sending bitcoin to someone’s wallet). Today we are showing our love and appreciation to the king Bitcoin. Let’s fall in love together with this Bitcoin Price Analysis.
Looking at the High Time Frame, BTC has been on a downward trend since November 2021 to November 2022. In this period of time, BTC retraced 77% from All Time High Price of $69,138 to $15,460. Ending the year 2022 Price went sideways for 6 weeks. First week of January 2023 bulls managed to move the price up 42% taking out 2 previous lower highs. This is great news! as it indicates early stages of change of high time frame market structure.
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So what’s next? Let’s take it down to the 3D chart.
Here we’ve added a few EMA’s to have a better picture of possible course of action. We can see a recent golden cross of 13/50 EMA’s took place on January 22, 2023. Last time these crossed each other was over a year ago to the downside. This adds to our bullish argument bag. Price trading above blue cloud is a good sign of bullish presence.
But where is price going? Price tested the 100EMA and it was rejected. As of now, that is the main objective, to breakout of 100EMA which will clear the path to 200EMA at $26k area. As you can see in the 200EMA is key as it was support before.
In conclusion, BTC has been in a bear market for the past year and with the latest price move, we are looking at early stages of market structure change. Bulls are around the corner!
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CryptoBangs! is not a licensed financial advisor, and the information provided is not financial advice. The information provided is for educational and informational purposes only and should not be construed as a recommendation to buy or sell any securities. Trading in securities involves risk, and you should consult with a licensed financial advisor before making any investment decisions. CryptoBangs! or its associates will not be held liable for any financial losses incurred as a result of using the information provided.
