Date: 2023-02-12T20:41:15Z Creator: Bitfolio Academy
The indicators on this Sunday, February 12th, are mixed for Bitcoin. On the one hand, the Bitcoin price reached a 20-day lower low on Thursday. This indicates that the BTC price is heading lower. On the other hand, other indicators are still showing upward price momentum for BTC. This is due to the aggressive price rise that we’ve seen since the beginning of January. In other words, the price momentum may still be going up in the long-term trend.
So the signals are mixed. In the short term, this signal is that the Bitcoin price is going down. This is true on the 4-hour chart and even on the 12-hour chart. In the long term, Bitcoin still has some upward price momentum. And one chart is indicating that we should be buying the dip. This chart says that this is just a temporary decline in the long-term upwards price momentum.
I think that these conflicting signals mean that we will see some sideways action for a week or so. The market needs to make up its mind which way to go, up or down.
We’re still about 420 days away from the next Bitcoin halving event, and sentiment seems to be low. So I recommend caution. My Bitfolio Macro Indicator is below 50 at 45.
Let me know in the comments. 🤔
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