Baxia Markets
February 28, 2022

Bitcoin is up 8.7% in a single session

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The cryptocurrency bounced after falling to the 34,324 level last week, the pair is close to the 23,6% Fibonacci retracement at $41,458 which is the resistance, if the price is able to break this level, the upwards trend is likely to continue in the short term. The pair trades inside the Ichimoku cloud, suggesting that there is market uncertainty.


The Bollinger bands are slightly closing, which will not affect volatility that much as there is no real change, the pair trades in between the bands suggesting that the price is at a fair level. Our parabolic SAR indicator suggests that the price will continue the upward trend.


BTC Feb 28th 2022


The relative strength index is at 53%, this level will allow the pair to continue climbing in the upcoming trading sessions as it's very neutral; however, it would also allow the pair to continue the downtrend it started in November 2021.


The short and long-term moving averages are getting closer together, but there is still a small gap between them, price trades slightly above both MAs suggesting an uptrend.


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