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Technical Analysis for BTCUSD for 11th February 2022

Bitcoin Upside Momentum Reducing, BTC Bulls Eyeing $50k

J.P. Morgan's analysts are optimistic that Bitcoin prices could reach $150k, an updated forecast from $146k they made in 2021.

Past Performance of BTC

The upside momentum is not as strong as candlestick arrangements in the daily chart reveal. However, the resurgence above $40k and the possibility of BTC bulls closing above the strong ceiling at $45k provide the necessary impetus, rejecting lower lows. As it is, BTC bulls have the upper hand despite waning upside momentum reading from BTC candlesticks relative to the upper BB.

Bitcoin Technical Analysis

The Bitcoin price is trading within a bullish breakout pattern set in motion by the high volume, wide-ranging bull bar of February 4. Based on the current arrangement, every low may provide entries for aggressive traders expecting a solid close above $45k in continuation of gains of February 4. Still, there are concerns on the strength of the uptrend given bulls' inability to break above the $45k given the constant rejection from the psychological resistance level. Notably, trading volumes are comparatively low. There are hints of exhaustion as bull bars trend lower relative to the upper BB. Still, a close above $45k may see BTC rally to $50k—or better in subsequent sessions.

What to Expect of BTC

Bulls are upbeat as BTCUSDT trend above $40k. However, there could be a clear trajectory definition above $45k, further confirming gains of February 4. If not, pullbacks below $40k may trigger a sell-off, forcing the coin back to $35k—or worse.

Resistance level to watch: $45k

Support level to watch: $40k

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

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