Bitcoin drops below $42K, sell for profits or HODL?

Bitcoin price analysis for Feb 14, 2022, can be confirmed on a bearish note as the entire crypto market continues to bleed
Bitcoin price analysis for Feb 14, 2022, can be confirmed on a bearish note as the entire crypto market continues to bleed

Bitcoin price analysis for Feb 14, 2022, can be confirmed on a bearish note as the entire crypto market continues to bleed. The bears have slain a majority of tokens, including RAVE, as seen in our Ravendex price analysis for Feb 14, 2022. However, the biggest question remains the same, should investors HODL or sell the profits made from buying Bitcoin at $34K.

The data from CoinMarketCap shows that the trading volume of the token declined 8.76% in the last 24 hours, followed by a 0.65% decline in the market cap. Moreover, the Market Dominance of the token stands at 42.68%, while the Volume / Market Cap Ratio has a value of 0.02034. 

The daily candle for Bitcoin opened at a price of $42.05K and surged to a daily high of $42.18K. However, the token was unable to handle the bearish pressure and dropped to the daily low of $41.55K. The price of 1 BTC at the time of writing is $41.9K.

Bitcoin price analysis on the daily chart

Bitcoin price analysis on the daily chart below shows that the MACD line (blue) continues to progress above the signal line (orange), which means that bulls are in charge overall.

Bitcoin price analysis
Source: TradingView

The RSI indicator shows that the line is making higher lows, and the gradient is negative. The indicator has a value of 52.5 which confirms that lower prices are very much possible.

Bitcoin price analysis
Source: TradingView

The price action failed to break out from the upper end of the Bollinger Bands. However, the prices currently rest in the upper end of the Bands which means that bulls are currently in control.

Bitcoin price analysis
Source: TradingView

Conclusion

If you would’ve bought Bitcoin at lower prices, you might be in profit. However, it is important to note that the world’s biggest cryptocurrency is 39.03% low than its all-time high. This means that higher profits can be made in the coming days. It is advised to HODL what you have and await higher prices.

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