As Bitcoin achieves its 5th monthly close in the green, will it manage to continue its rise in February? Find out in this BTC analysis for Friday, February 2, 2024
After closing its 5th consecutive monthly candle in the green, will Bitcoin manage to continue its rise in February?
First, let’s take stock of its progress
BTC back on the rise after its correction
Despite the correction of the last two weeks, Bitcoin has made a strong comeback, gaining +5.41% in 7 days
Still under resistance, Bitcoin needs to confirm its rebound
We’ve been watching it for several days now, but for the time being Bitcoin remains stuck below the daily Kijun (in purple) at around $43,800.
As a reminder, breaking this resistance from above would provide a new bullish signal, just as we had a bearish signal on its downward break last month.
Daily Bitcoin price chart
Although very close to the Kijun, BTC is currently showing signs of running out of steam in its uptrend, and risks returning to its low trendline at $42,000 if it doesn’t manage to regain $43,800 very soon.
In the event of a return to $42,000, care must be taken not to break the large bullish channel (in yellow), otherwise there’s a good chance that the cryptocurrency will continue its decline towards its next major support.
The Weekly Kijun will therefore be the next bearish target to watch. It’s a very important support that should enable a rebound.
If the price were to fall back below this support, then a new sell signal would be given, with a very likely return of the price to around $33,250 (channel breakout target).
In summary, Bitcoin remains under resistance and could accelerate its fall in the coming days if it fails to regain $43,800 quickly.
So do you think BTC will manage to achieve a 6th consecutive month in the green? Let us know what you think in the comments.
Have a great day and we’ll see you on Monday for a new analysis of Bitcoin (BTC).
