Return of the Jedi
hive-167922·@muratkbesiroglu·
0.000 HBDReturn of the Jedi
As seen in the daily Bitcoin chart below, the crypto market has been in a downtrend for the past 3 months. In the previous weeks, the bulls showed resistance at the 41k level for a while, but with the effect of the negative news from the FED, the 41k resistance was broken, and the Bitcoin price regressed to the 33k level.  In the [Bitcoin technical analysis](https://peakd.com/hive-167922/@muratkbesiroglu/february-2-2022-bitcoin-technical-analysis) I made three days ago, I stated that the market needed a long green candle and if we go above the 41k level, we can look to the future with more hope. Last night, the bulls finally took control and there was a strong rally in the market that has not been seen in the last 3 months. The 4-hour chart below shows us more clearly what has happened. On January 21, when the downtrend line and the 41k resistance line approached to converge, the Bitcoin price went above the trend line, but when it could not hold there, there was a decline that extended to 33k. After a period of consolidation that lasted for about 10 days, Bitcoin price tried to rise above the downtrend line again. Last night's rally started when it was tested and confirmed to be permanent above the downtrend line. As seen in the chart, Bitcoin's price has risen above the 41k resistance.  <h3><div class="phishy">What is Next?</div><h3/> Will Bitcoin price be able to stay above the 41k resistance? It is a good sign that, despite the ten percent increase daily, there is no regression in prices. This time, the bulls are fighting successfully, like William Wallace and his soldiers. With the effect of the rapid rise in prices, many more indicators have turned positive compared to 3 days ago. According to the daily Bitcoin chart: - MACD was giving a 'buy' signal 3 days ago, the situation has not changed. - The RSI has risen above the 50 levels, which can be interpreted as prices are now in an uptrend. - The 10, 20, and 30-day moving averages have been breached.  <center>**Image By** [@stillnes_in_motion](https://unsplash.com/@stillnes_in_motion) **From** [unsplash.com](https://unsplash.com)</center> Although we see positive signs on the daily charts, RSI has not crossed above 50 in the weekly charts and the MACD is not giving a buy signal yet. On the other hand, the price exceeded the 200-day averages in the weekly chart which is a piece of bullish news. <h3><div class="phishy">Conclusion</div></h3> I looked at crypto media to see if there was any particular reason for the rise in the crypto market. I have been informed that market players who have taken a selling position are subject to liquidation amounting to 50 million dollars. When other cryptocurrencies are taken into account, the liquidation reaches $100 million. Although liquidation has accelerated the rise, it appears to be the result rather than the cause. The better-than-expected US workforce data and Amazon's higher-than-expected profit are among the possible reasons. I think the main reason is the acceptance by all market players that the downward momentum has weakened. Similar to other cryptocurrencies, Hive has gained over ten percent in the last 24 hours. Thus, Hive's increase in the last week reached 23%. It is pleasing that Hive has taken its share of the positive atmosphere in the market. If the Bitcoin price can stay above the 41k resistance for a few days, we can start talking about the big bull rally again. Thank you for reading.
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