Baxia Markets
February 08, 2022

Bitcoin is up 19.2% in six sessions

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The cryptocurrency closed the trading day with a profit 5 times out of the last six-session, breaking the resistance in our 23.6% Fibonacci Retracement at $41,458. The price is close to entering the Ichimoku cloud which would bring market uncertainty for the short term.


The Bollinger bands are opening up which often indicates a trend continuity, however the pair trades above the upper band suggesting that the price is relatively high, which could have an impact on the asset in the short term.


BTC Feb 7th 2022


The relative strength index is at 63% which is not yet considered overbought, we could see the price climb further more in the short term before seeing a retracement on the pair, and even then the pair might continue climbing after that 70% as we have seen in the past.



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