Bitcoin Technical Analysis February 11: $69,000 Breach Confirmed – Bearish Leg Lower Ahead?
Source: TradingView
The weekly chart does offer a glimmer of hope for the bulls. While on the daily chart the new daily candle has definitively closed below the major $69,000 support level, the weekly candle still has a few days left in which to close above. Higher time frames can always cancel out what happens in shorter time frames.
If one also looks at the Stochastic RSI and the Relative Strength Index, it can be seen that both of these are at bottoms. The Stochastic RSI could turn back around and start signalling upside price momentum, while the Relative Strength Index has entered oversold territory, and is not far from equalling the bottom level recorded in the 2022 bear market.
With Bitcoin recording potential bottoms against gold, silver, and many of the major AI stocks, perhaps it would not be a surprise to see a rally from around the current levels. There might still be a few more percentage points loss to come, but Bitcoin’s time back in the sun may not be that far off.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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