0216BitcoinTechnical Analysis

BTC is currently in a falling wedge pattern consolidation, historically biased towards bullish opportunities, indicating the possibility of equal breakout in future cycles. If not breaking through the $94,000 level, BTC will achieve lower highs and lower lows, while converging to a narrower range.

The current trading price is $97,500, slightly above EMA$50(97, lower than EMA$200 (98800) USD, with the short-term pivot point at $96,600 as support. A breakthrough above the upper boundary of the wedge may trigger a strong upward trend, according to the calculation of this model pattern, it should be around $106,500; but at the same time, it is necessary to match the change in buying volume. If not, a delay or a closing price below the trigger point of this model will also trigger a lower price convergence, causing a more turbulent journey from the demand area to the supply area, unable to be achieved in one fell swoop. The seasonal rise in February may lead us to anticipate an upward cycle at the end of February.

On the contrary, in the previous cycle, one must be cautious of the violation of technical analysis principles.