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Technical Analysis for BTCUSD for 8th February 2022

Bitcoin Bulls Soar, Could Breeze Past $45k

In a note to investors, FSInsight predicts Bitcoin prices to reach $200k in the first half of 2022.

Past Performance of BTC

The Bitcoin price is breaking out and bottoming up at spot rates after two months of lower lows. At the time of writing, bulls are in control and could retest $45k, a psychological resistance line.

Bitcoin Technical Analysis

The path of least resistance is northwards, reading from the BTCUSDT candlestick arrangement in the daily chart. Notably, the break above the middle BB has decent trading volumes suggesting demand from market participants. Following the bull bar of February 4 and the complete reversal of late January 2022 climactic losses, aggressive traders may load the dips, targeting $45k in the short term. This preview is valid provided prices trend above $40k and the 20-day moving average.

What to Expect of BTC

BTC prices are off to a strong start of the month at spot rates. With rising trading levels and favorable candlestick arrangements, traders might find entries on dips to target previous support, not turned resistance at around $45k to $46.5k.

Resistance level to watch: $45k

Support level to watch: $40k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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