BITCOIN: WEEKLY SCENARIO – 09 February 2022

Technical Analysis

BITCOIN Price Technical Analysis: Weekly Chart

  • In the weekly charts ,Bitcoin  is trading in a downward channel.
  • Bitcoin is near its crucial support of 20-days SMA. If it breaks this support, it will possibly test the 50-days SMA level.
  • Bitcoin will follow a downtrend in the coming weeks.
  • Bitcoin’s crucial resistance level is at 45,461.59 which is near 20 days SMA as of now. There are no signs of a bullish trend.
  • Bears have their tight grip on Bitcoin.

TRADE SIGNAL-BITCOIN SELL: 43,550.20, TARGET:-42,550.20, STOP LOSS:- 44,050.20.

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