The great cycle: why Bitcoin needs to grow in February?
Source:
A Series of luck, which lasted for four years, may end in this year. Historically that February was a good month for prices . Cryptocurrency is increased by 16, 18, 23.5 and 1.6 per cent in the same month of 2015, 2016, 2017 and 2018, respectively.
While the trend has the right to life. Historically, that January is almost always the worst month for the coin. But February has brought into the hands of investors profit. Today Bitcoin is trading at 3436$, then the opening price at 1-month chart of the dollar 3693 cryptocurrency fell by almost 7 percent.
theTechnical analysis
Looking at the chart of the asset, he still has a chance to jump up to $ 4,000. Such a scenario will be realized if the price of Bitcoin will rebound from the moving average 200 MA ($3298) at a scale of 1-week schedule. Otherwise, we fully expect a new wave plum below $ 3,000.
Source: Included
On 1-month chart, the situation looks not entirely in favour of the bulls. 10 and 5 MA decrease and the price of the asset for the first time in 2015 is under them. In other words, the trend in February should be a drop in cryptocurrency do not have those positive factors that accompanied its graph all four of the previous year.
On a smaller scale (3-day schedule), there is still hope for a reversal. In mid-December, the RSI held a bullish divergence. Usually such an event is a good prerequisite for a trend change. However, the January price movements of Bitcoin is still doing pretty strong sellers ' market.
Source: Included
What do the traders in the current market situation? Be sure to check back over the 200 MA on the 1 week chart. This line will give you a good idea about the long-term movement of the asset. When falling below it should open a short position.
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