This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

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.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020