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Bitcoin Technical Analysis Report 14 February, 2024

Dmitry Chernovolov Market Analyst

Bitcoin surged past the crucial $50,000 resistance, fueling a potential rally towards $55,000, fueled by the breakout of a key uptrend channel and positive market sentiment.

– Bitcoin broke round resistance level 50000.00

– Likely to rise to resistance level 55000.00

Bitcoin cryptocurrency continues to rise strongly after the price broke through the powerful resistance area located between the key resistance level 49000.00 (previous monthly high from January), major round resistance level 50000.00 and the resistance trendline of the daily up channel from November. The breakout of this resistance area accelerated  two of the active impulse waves 3 and (3) – which belong to the longer term upward impulse sequence 3 from last month.

Given the clear daily uptrend and the widespread bullish sentiment that can be seen on the cryptocurrency markets today – Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 55000.00.

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