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As of February 2025, Bitcoin continues to test an important area of support while more liquidity builds above the current price level. This analysis will examine the key support and resistance levels, potential breakout scenarios, and comparative price action of other major cryptocurrencies.
Weekly Bitcoin Chart Overview
On the weekly Bitcoin chart, we're still technically within a larger bull market. However, there's currently a lack of momentum in the shorter term, as indicated by the weekly Bitcoin MACD (Moving Average Convergence Divergence) indicator.
Interestingly, this situation mirrors what we saw almost exactly one year ago:
- In October 2023 and 2024, we observed a bullish crossover in the weekly Bitcoin MACD.
- Both years saw a massive bullish move in Bitcoin's price over the next couple of months, lasting until early to mid-December.
- Around early to mid-December in both years, the price action began to slow down, and we started losing bullish momentum in the MACD indicator.
- This loss of bullish momentum and price slowdown lasted through the rest of December and most of January.
Based on this historical pattern, we might expect to start regaining some bullish momentum in the coming days or weeks. While past performance doesn't guarantee future results, this pattern is worth considering.
4-Day and Weekly Bitcoin Charts
On the 4-day Bitcoin chart, the Super Trend indicator remains green, suggesting a continuation of the larger bull market. The weekly Bitcoin chart, however, shows a potential formation of a massive bearish divergence. This divergence could further confirm if we see another lower high in price coupled with a lower high in the RSI (Relative Strength Index).
Overall, the larger timeframes currently appear more bullish than bearish. The main issue is the lack of short-term momentum.
Daily Bitcoin Chart Analysis
On the daily chart, Bitcoin continues to face rejection from a major resistance area between $106,000 and $107,000. For support, Bitcoin is currently retesting a previous support zone (which was also previous resistance) between $101,000 and $103,000.
Key levels to watch:
- Support: $101,000 - $103,000
- If broken: Next support at $100,000 and $98,000
- Critical support: $92,000 - $93,000
- Resistance: $106,000 - $107,000
In the short term, Bitcoin's price action appears relatively neutral, moving sideways between support at $101,000 and resistance at $107,000. This sideways movement might continue for the next few days due to the current lack of momentum.
Potential Cup and Handle Pattern
A potential cup and handle pattern is forming on the daily Bitcoin chart. For this bullish pattern to confirm and play out, we need to see a breakout with a daily candle close above the neckline at $106,000 - $107,000, ideally confirming above $107,000.
However, this breakout needs to happen soon - within the next few days. If it takes a couple of weeks to break out, or if we see a larger pullback, the cup and handle pattern would become invalid due to the handle becoming too large in proportion to the cup.
Bitcoin Liquidation Heat Map
The Bitcoin liquidation heat map shows:
- Small amount of liquidity just below the current price at around $101,000
- More liquidity building at $97,000 - $97,500
- Most liquidity above the current price, mainly just above $107,000
A breakout above $107,000 could trigger a significant move to the upside, potentially pushing Bitcoin towards new all-time highs.
Ethereum Price Analysis
Ethereum is currently struggling around a descending line of resistance, failing to break out of a falling wedge pattern. The key levels for Ethereum are:
- Current resistance: ~$3,300
- Potential breakout target: $4,000
- Resistance levels: $3,430 - $3,560, $3,700, $3,900 - $4,100
- Support: $3,000 - $3,100
A confirmed breakout with a daily candle close well above $3,300 could activate the falling wedge pattern, targeting $4,000. However, traders should be aware of the multiple resistance levels along the way.
Solana Price Analysis
Solana has retested and is currently finding support between $220 - $225. Key levels for Solana include:
- Support: $220 - $225
- Next support (if broken): $200 - $205
- Resistance: $240, $245 - $246, $260, $271
The overall price structure for Solana appears more bearish than bullish, with lower highs and lower lows forming. However, the short-term price action is neutral, moving sideways within a range.
XRP Price Analysis
XRP recently broke below support at $0.34 but has found new support at $0.295. Key levels for XRP are:
- Current support: $0.295
- Next support levels: $0.290, $0.278 - $0.279, $0.260 - $0.272
- Resistance: $0.304, $0.320, $0.329 - $0.337
XRP's price action is likely to follow Bitcoin's movements closely in the short term.
Chainlink Price Analysis
Chainlink is currently testing support between $24 - $24.50. Key levels include:
- Support: $24 - $24.50
- Next support levels: $23.50 - $23.60, $22.30
- Resistance: $26.20 - $27
Chainlink's price is currently in a neutral trend, moving sideways between $22.30 and $27.
Cardano Price Analysis
Cardano continues to trade sideways between key support and resistance levels:
- Support: $0.82 - $0.83
- Resistance: $1.13 - $1.23 (Golden Pocket)
- Next resistance (if broken): $1.45 - $1.47, $1.76
While Cardano is technically in a larger bull market based on higher lows and higher highs, it's currently struggling with the Golden Pocket resistance area.
Conclusion
The cryptocurrency market is showing mixed signals across various assets. Bitcoin's potential cup and handle pattern and historical momentum patterns suggest a possible bullish move in the coming weeks, but short-term momentum remains lacking. Ethereum, Solana, XRP, and other major cryptocurrencies are facing their own challenges with key resistance levels.
Traders and investors should keep a close eye on the identified support and resistance levels, as well as potential breakout scenarios. As always, proper risk management and thorough research are essential when trading in the volatile cryptocurrency market.
Remember to stay informed about market developments, regulatory news, and technological advancements that could impact cryptocurrency prices. While technical analysis provides valuable insights, it's crucial to consider fundamental factors and broader market trends when making investment decisions.
Article created from: https://www.youtube.com/watch?v=RUBSuLjsWN4&ab_channel=CryptoWorld
