0217BitcoinTechnical Analysis

BTC weekend market is relatively stable, and even the fluctuations of the previous week have appropriately reduced, indicating that both bulls and bears are waiting for the next trigger factor (catalyst), so traders are full of uncertainty in the short term, with a high degree of caution.

Although BTC is facing resistance at the moving average line, the positive signal is short-term bullish and has not made too many concessions, trading in a narrow range between $98,500 and $94,700. The convergence of multiple indicators also indicates current supply and demand balance. Bulls must push the price back above $98,500 to open the door to $102,000, then rise to $106,000.

On the contrary, if the price continues to decline and falls below the moving average, it indicates that the price may maintain narrow fluctuations for a period of time and gradually decline, with the short-term trend turning bearish, which means that the bears will pull down to the support level of $94,000 (it is expected that the bulls will defend this position to the death or launch a fierce attack). Because the breach of this level may evolve into a head and shoulders bearish pattern, the downward momentum may intensify to $90,750 or even lower to $85,000.