You are visiting the website that is operated by Ultima Markets Ltd, a licensed investment firm by the Financial Services Commission “FSC” of Mauritius, under license number GB 23201593. Please be advised that Ultima Markets Ltd does not have legal entities in the European Union.
If you wish to open an account in an EU investment firm and protected by EU laws, you will be redirected to Ultima Markets Cyprus Ltd (the “CIF”), a Cyprus investment firm duly licensed and regulated by the Cyprus Securities and Exchange Commission with license number 426/23.
In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for 29th February 2024.
Key Takeaways
Bitcoin ETFs boost bullish sentiment: Although members of the European Central Bank labeled Bitcoin as an asset bubble, the success of the cryptocurrency has prompted the launch of ETF by US exchange-traded funds. This alone has raised more than $6 billion of capital channeled into the fund, which in return boosted overall market sentiment towards it.
Bitcoin halving: Bitcoin supply halving refers to the process of reducing the rewards given to its miners. When Bitcoin blockchain was introduced in 2009, the reward for each block created was 50 BTC. However, the reward was reduced every 4 years to control the number of Bitcoin circulating in the market. The infamous cryptocurrency will have its supply halved in the second quarter of 2024. The reduced supply in the market, followed by strong demand may allow Bitcoin to extend price appreciation in the long term.
Technical Analysis
Daily Chart Insights
Stochastic oscillator: Bitcoin price extended its gains towards $60,000, not far from its previous historical high. However, the indicator shows possible formation of bearish signal in the overbought region. Judging from recent price action, the indicator may also form a divergence signal, which further emphasizes the bias towards the downside.
Elliot Wave Theory: Its rise since late January shows clear bullish driver, with the completion of bullish wave. Theoretically, the trendline connecting wave 2 and 4 moves in parallel to the edge of the channel formed by wave 3 with its endpoint at wave 5.
Expected wave trend: The current price has broken through the upper boundaries of ascending channel, which opens short-term retracement possibilities. If it falls back to the channel via retracement, it may extend its losses further after that. Nonetheless, if Bitcoin successfully readjust at the upper boundaries of the channel, we may see a shift in bias towards the upside thereafter.
1-hour Chart Analysis
Stochastic Oscillator: The indicator formed a bullish signal near the 50 midline, which may not provide confirmation towards its upside bias at the moment.
Turtle Trading Strategy: According to this strategy, an effective breakthough of previous high usually occurs above 20 candlesticks. Due to its slow momentum during Asian trading session with only 10 candlesticks from previous high, we may see a shift towards the downside in short-term for the time being.
Pivot Indicator
According to the trading central in Ultima Markets APP, the central price of the day is established at 59220,
Bullish Scenario: Bullish sentiment prevails above 5922, first target 61535, second target 62110;
Bearish Outlook: In a bearish scenario below 5922, first target 58260, second target 57680.
Conclusion
To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey.
For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets.
Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets.
Stay tuned for more updates and analyses from our team of experts at Ultima Markets.
—–
Legal Documents
Ultima Markets, a trading name of Ultima Markets Ltd, is authorized and regulated by the Financial Services Commission “FSC” of Mauritius as an Investment Dealer (Full-Service Dealer, excluding Underwriting) (license No. GB 23201593). The registered office address: 2nd Floor, The Catalyst, 40 Silicon Avenue, Ebene Cybercity, 72201, Mauritius.
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
Messenger
Continue on Messenger
Take the conversation to your Messenger account. You can return anytime.
Scan the QR code and then send the message that appears in your Messenger.