TradingView data showed that the BTC / USD pair was growing rapidly on February 14. The weekly conclusion of February 13 disappointed analysts as BTC failed to achieve higher maximum on the weekly chart. While volatility was lacking on this day, expectations were already coming trend changes in the coming days.
#Bitcoin is on a boring county fair pony ride on the 50 MA.— The Wolf Of All Streets (@scottmelker) February 14, 2022
You know, the ones where the pony just walks in a circle connected to the big wheel in the middle?
Yeah, that one. That's #Bitcoin. On the 50 MA.
Whatever, shut up. pic.twitter.com/ESb22iXlBo
Order volumes similarly highlighted the narrow extent to which the BTC / USD pair would operate in the short term due to positions traders.
With that, however, comes the possibility of a short-term rise filled the “gap” of CME futures which is now above the spot price of around $ 42,400.
Daily order volume shows “strong buyer response at lows and strong rejection at highs,” said a popular Twitter account Nebraskan Gooner. This means that we have strength on both sides.
BTC has created support for the MA50
With a close level of support and resistance trader and analyst Rect Capital in the meantime, he reiterated the relative weakness of BTC in terms of gaining macro-level support.
He had previously identified two moving averages that needed to be reaffirmed in support for BTC to reach its all-time high from November. The first moving average is overcoming MA50 on the daily chart, which the price recently tested as new support.