An Overview of Bitcoin Status on 28/02/2024 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.
• First key support level of EUR/USD: 1.07969
• Second Key support level of EUR/USD: 1.07223
• Third Key support level of EUR/USD: 1.06310
• First key resistance level of EUR/USD: 1.08879
• Second Key resistance level of EUR/USD: 1.09100
• Third Key resistance level of EUR/USD: 1.09989
• First key support level of USD/CHF: 0.878263
• Second Key support level of USD/CHF: 0.875662
• Third Key support level of USD/CHF: 0.87
• First key resistance level of USD/CHF: 0.882168
• Second Key resistance level of USD/CHF: 0.8838
• Third Key resistance level of USD/CHF: 0.888096
• First key support level of GBP/USD: 1.26206
• Second Key support level of GBP/USD: 1.26000
• Third Key support level of GBP/USD: 1.25354
• First key resistance level of GBP/USD: 1.26870
• Second Key resistance level of GBP/USD: 1.27720
• Third Key resistance level of GBP/USD: 1.28280
• First key support level of USD/JPY: 150.073
• Second Key support level of USD/JPY: 149.684
• Third Key support level of USD/JPY: 148.900
• First key resistance level of USD/JPY: 150.800
• Second Key resistance level of USD/JPY: 151.439
• Third Key resistance level of USD/JPY: 151.930
An Overview of Bitcoin Status on 28/02/2024.
The previous analysis of Bitcoin, dated February 21, predicted that the price could fall to the support level of $50,750. This scenario occurred, and the price rose following the longer-term forecast, eventually reaching the previously mentioned resistance levels.
Given the current circumstances, no apparent or transparent justification exists for reducing prices over longer-term periods such as monthly or weekly. Despite this, due to the positive market sentiment and the upcoming halving event (52 days away), the price still has the potential to rise in the coming days.
Among the trading targets of the buyers, we can mention the resistance levels of $61,300 and, in the next step, up to $64,500, which can be used if the upward trend continues.
In the short term, buyers have increased the price to the resistance level of $59,500, which is currently the closest barrier to price increases.
The chart is currently experiencing complete oversaturation due to a sharp price increase. However, it suggests a weak potential for correction. It is important to note that the market is emotional, and buyers may easily breach the established ceilings.
The correction can only start when the price ceiling stabilizes for a full day or 4-hour period at the resistance level of $59,500. This stabilization hasn’t happened yet.
The CloseOption Team
