BITCOIN - Complete Technical Analysis
Russia officially declared war on Ukraine this week, and four days have passed since the conflict between the two countries, and the conflict has intensified. The start of the war was accompanied by a sharp drop in bitcoin, but on the same day, it was strongly supported, and the price again attacked the resistance of $40,000, but eventually, the daily candle closed at the level of $39,000.
In recent days, there has been more volatility due to the negative news of the Bitcoin war, but with the possibility of negotiations between Russia and Ukraine, some experts believe that #Bitcoin can start a rising wave again after the end of these tensions.
This war once again showed the world the importance of digital currencies and bitcoins. While many bank cards in Ukraine are blocked, and people do not have access to their accounts, bitcoin wallets, and digital currencies have become more active. This proves the world's need for a decentralized financial network such as digital currencies.
Bitcoin was well supported on February 24 after the start of the war between Russia and Ukraine and the sharp fall of the price and returned to the price of $34,322, and on February 26, reached the resistance level of $40,000 and the moving average, which is an important resistance area. For Bitcoin.
The moving average is trending up, and the Relative Strength Index (RSI) is in the middle of the market, which is a signal that the market is bullish. If the cows can stabilize the price above the moving average, the #BTC will likely rise to the $45,821 range, which is a strong resistance area.
If Bitcoin falls below this range, it will probably fluctuate between $36,000 and $39,000 for a few days, and then if this area breaks down further, further Bitcoin declines could lead to a drop in price to $32,900.
In recent days, there has been more volatility due to the negative news of the Bitcoin war, but with the possibility of negotiations between Russia and Ukraine, some experts believe that #Bitcoin can start a rising wave again after the end of these tensions.
This war once again showed the world the importance of digital currencies and bitcoins. While many bank cards in Ukraine are blocked, and people do not have access to their accounts, bitcoin wallets, and digital currencies have become more active. This proves the world's need for a decentralized financial network such as digital currencies.
Bitcoin was well supported on February 24 after the start of the war between Russia and Ukraine and the sharp fall of the price and returned to the price of $34,322, and on February 26, reached the resistance level of $40,000 and the moving average, which is an important resistance area. For Bitcoin.
The moving average is trending up, and the Relative Strength Index (RSI) is in the middle of the market, which is a signal that the market is bullish. If the cows can stabilize the price above the moving average, the #BTC will likely rise to the $45,821 range, which is a strong resistance area.
If Bitcoin falls below this range, it will probably fluctuate between $36,000 and $39,000 for a few days, and then if this area breaks down further, further Bitcoin declines could lead to a drop in price to $32,900.
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In this time frame, if the price closes above the $39,600 range, we expect Bitcoin to grow up to $41,000, after which the price can rise to $42,000. In this area, bears with more sales can cause prices to fall.
If the price falls below the current level but does not fall below the $39,600 mark, it means that market sentiment has changed, and cows intend to buy more at a lower price. This can lead to further price increases.
But if the price falls below $38,200, there is a possibility of a sharp price drop again. In this case, the first support range of Bitcoin will be at the price of $36,450.