#Bitcoin 1H
The Bitcoin cryptocurrency resumed its upward movement on the hourly timeframe on Sunday, February 14, having previously pushed off the critical Kijun-sen line. Thus, attempts to start a downward correction ended in failure, and Bitcoin is growing in price again, despite a huge number of skeptics. The price has successfully overcome the $48,233 level and now the next target for growth is the $50,834 resistance level. In principle, the technical picture is now extremely simple. The price cannot even settle below the Kijun-sen line, so there is no reason to expect a correction or the end of the upward trend. From a technical point of view. There is also an upward trend line, to which the price does not even approach, the trend is so strong now. Consequently, traders are encouraged to continue to trade bullish despite being near all-time highs. Who said that being near the highs is a reason for selling? In yesterday's bitcoin review, we advised you to buy the cryptocurrency when the price bounced off the Kijun-sen line, which then ran at $46,301. Such a rebound was created, so Bitcoin should have been bought. The first target was perfectly reached ($48,233) and the price did not even stay near it, so now you can stay with long positions opened yesterday according to our recommendations.
#Bitcoin 15M.
Both linear regression channels turned to the upside again on the 15-minute timeframe. Since the price failed to settle below the critical line, which is especially clearly seen on the current timeframe, the upward movement may continue, while the trend remains rising in the short term.
Meanwhile, the public continues to debate the act of Elon Musk and his Tesla company, which invested $1.5 billion in bitcoin last week. Musk was even more criticized for this act than supported, as it turned out that Tesla received environmental subsidies, and bitcoin is not an environmentally friendly product. Moreover, it was Musk's statements about bitcoin that provoked a new hype in the cryptocurrency market. Prominent economist Nouriel Roubini, who predicted the 2008 crisis and is one of the most prominent critics of Bitcoin, said central banks and other regulatory agencies should closely monitor Musk's actions and words. If there are no questions about the deals of his companies, then the fact that his posting on a social network causes Bitcoin to rise by $5,000 within a day is not normal. Thus, we are even talking about allegations of manipulation of the cryptocurrency market. Roubini also criticized the CEO of MicroStrategy Michael Sailor, who also invested a large share of the company's reserves in bitcoin, thus acting completely irresponsible, according to Roubini. Nouriel also believes that bitcoin may collapse in the near future if the cryptocurrency exchange Bitfinex and Tether lose the court on returning $800 million, which were frozen in the accounts of Crypto Capital. Tether is also under investigation by the Department of Justice and the New York Attorney General on charges of manipulating the cryptocurrency market. Roubini also believes that cryptocurrencies are a tool for scammers who steal billions of dollars every day. The future, according to Roubini, is in digital currencies, which will be issued by central banks, they will also be controlled and provided by them. This will lead to the optimization of monetary policy.
Possible scenarios on February 14:
1) Buyers continue to hold the cryptocurrency market in their hands and are ready to move Bitcoin to new highs in value. Since the "cue ball" has settled above the $48,233 level, we recommend staying with long positions while aiming for the resistance level of $50,834. The total Take Profit in this case can be up to $3,800 per 1 lot. Stop Loss can be placed just below $ 48,233.
2) Bears are still resting and waiting for the moment when buyers start taking profits on long positions. Thus, we do not recommend selling Bitcoin in the near future (at least today), as it is very dangerous in such a strong upward trend. Nevertheless, getting the price to settle below the critical line ($46,530) will allow us to expect a correction to the Senkou Span B line ($42,517), which can be used to open short positions.
On the chart:
Support and Resistance Levels are the Levels that serve as targets when buying or selling the pair. You can place Take Profit near these levels.
The Kijun-sen and Senkou Span B lines are the Ichimoku indicator lines transferred to the 1-hour timeframe from the 4-hour timeframe.
Support and resistance areas are areas from which the price has repeatedly bounced off.
Yellow lines - trend lines, trend channels and any other technical patterns.
The material has been provided by InstaForex Company - www.instaforex.com