BTC price analysis – What’s the next step after the all-time high?

  • Beitrags-Autor:
  • Beitrags-Kategorie:price

After the share price reached its all-time high of EUR 1,144.74 (USD 1,209.02), the price entered a bearish triangle pattern and now stands at EUR 1,098 (USD 1,159.65).

Summary: The price remained stable above the EMA100 at around EUR 991 (USD 1,048) at the beginning of the week. On February 20, the price rose above 1000 Euro and dared to rise further, reaching a new all-time high of 1,144.74 EUR (1,209.02 USD) on February 24.
The price then fell and is currently at 1,098 EUR (1159.65 USD).
We did it again: A few days ago the share price was higher than ever before.

At various points we reported that this all-time high was cracked

Of course the world goes on even after such a high. But unlike in January, when the price fell by 200 EUR within a few hours, the price has actually been quite stable so far. Yes, after reaching the highest price for Bitcoin the bulls ran out of air and you could see that people brought their profits home in almost regular intervals – which led to the Triangle Pattern which determined the time between 24th and 26th February. This triangle pattern was bearish in nature, which was also evident from the subsequent price development: The price fell to EUR 1,083.57 (USD 1,144.41) and thus also tested the EMA100. Since then, however, the price has recovered and is currently at 1,098 EUR (1159.65 USD).

The MACD (second panel from above) is negative. Both the MACD line (blue) and the signal (orange) are below zero, the latter is above the first one, so that the MACD as a whole speaks a clearly bearish language.

With 42 the RSI (third panel from above) confirms this bearish picture. Although it has been able to catch up a bit in the last few hours, the bulls are clearly having a break at the moment.

The Chaikin Oscillator (lower panel) was negative, but is currently climbing into positive territory.

The 60min chart therefore looks bearish in terms of price development. One notices that the resistance defined by the all-time high forces a price correction. However, at the moment it does not look like a dramatic development; the EMA100 has passed the first test and the EMA200 is far below that with EUR 1,059 (USD 1,118.46).

In order to be able to say more, we look at the long-term developments

The long-term price development. Let’s first look at the 240min chart:

We see that the bullish price development of the last days brought the price again into agreement with the trend pursued since January. yes, up-to-date also this trend is tested again, however it was not fallen below up-to-date yet.

In the 240min display, the indicators look to the future with bullish but still worried eyes:

The MACD is above zero, but the MACD line dropped below the signal this afternoon, which is a slightly bearish sign. We will have to see if the MACD as a whole can hold above zero. The RSI stands at 53 and is therefore only just bullish. But that was to be expected after the price had been overbought for the last two days. After all, the Chaikin oscillator is positive, but is currently falling.

Finally, let’s look at the bullish 1D chart:

The MACD is clearly positive here; both the MACD line and the signal are in positive territory. However, we will need to see if the MACD line can hold above the signal. The RSI is at 72 and is not only bullish, but overbought. However, it has been falling for two days now, so a healthy consolidation can be seen. Finally, the Chaikin oscillator is also positive and completes the bullish picture.

Even though it looks more bullish in the short term, the long-term picture is still bullish. We will have to see what the price development will be like in the next few days: Can the price hold above the EMA100 in the 60min chart or will it break through there? If so, this could have a bearish influence on the medium-term price development. Since the signals are currently still mostly positive, I am also cautiously optimistic.

Disclaimer: The price estimates presented on this page do not constitute recommendations to buy or sell. They are merely an analyst’s assessment.