Technical Analysis for BTCUSD for 7th February 2022
Bitcoin Breezes Past $40k, BTC Prices Bottoming Up
Dan Egan of Betterment thinks the early days of Bitcoin "Gold Rush" is over, but the coin is worth adding to a portfolio. In an interview with CNBC, he said the coin is gradually maturing to be an alternative to gold and other store-of-value assets and should be added to a portfolio of diversification.
Past Performance of BTC
At spot rates, BTC is up 24 percent from January lows and encouragingly above $40k. Because of encouraging gains over the second half of last week, bulls could add to their longs, trading with the developing trend as BTCUSDT bottoms up.
Bitcoin Technical Analysis
Technically, from an Effort-versus-Results perspective, bulls have the upper hand. Sharp gains of February 4 saw BTC prices break above the middle BB and $40k. On the back of increasing trading volumes, bulls have unwound losses of January 21 and 22 following the wide-ranging, bullish engulfing bar of February 4. Accordingly, there could be a loading opportunity on dips above $40k with immediate targets at $45k.
What to Expect of BTC
Bitcoin prices are bottoming up. The reversal of the climactic losses of January 21 and 22 swings price action to favor buyers. Following this formation, aggressive traders can load the dips above $40k and the middle BB while setting sight on $45k or better in the days ahead.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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