According to Technical Data, Bitcoin Can Increase in the Short Term!
Bitcoin will increase in the short term. And how will he appear? Can we wait for the demonstration recently? Can we see 3,700 support points? What does the technical indicator say? Bitcoin can show improvement in the short term!
Bitcoin can show an increase in the short term, the technical indicators signal this direction. On the morning of February 15, Bitcoin is in the process of around $3,600. By the time JPMorgan's news was on the agenda yesterday, Bitcoin was around $3,575. The Bank's daily trading volume is 6 trillion dollars. JPM coins, which were launched, went down in history as the first digital coins supported by US banks.
Although the February high was a correction of around $3,712, there was a short-term bullish market expectation for Bitcoin. BTC will experience a prolonged but slightly delayed break in the flag formation.
Not long ago, Bitcoin has risen from $3,400 to $3,700. This is a sign that this bull will come. Even the bull trails cause profits in the market. At present, the cryptocurrency is testing the support area after failing to break above the main resistance points.
Bitcoin status is supported by all indicators. The initial support point is the level of 3,555.42 dollars in the low 4 hour Bollinger band and the pivot point is S1. Bitcoin bulls must ensure that prices will not go down to this level. Otherwise, the lack of an important supporting area on the crypto face can rotate in the opposite direction. Subsequent support can be seen in the range of 3,369.57.
On the other hand, the upward movement was initially limited to $3,592.58. Daily Fibonacci Level 23.6%, simple moving average (SMA) 50 hours and Bollinger band 15 minutes show it. If Bitcoin manages to clear these resistance points, it might have a correction of $3,600.
However, extra mobility can face more resistance at $3,629.75; Fibonacci weekly 23.6%, daily 50-day moving average and yesterday's high indicator in this direction. After stepping out of this area, the course will go to $3,700 and will open the door for higher profits. In the end, psychology will reach $4,000.
