BITCOIN: WEEKLY SCENARIO – 17 February 2022

Technical Analysis

BITCOIN  Price Technical Analysis: Weekly Chart

BITCOIN WEEKLY SCENARIO
  • 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 45,451.49 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: 43,070.20, TARGET:-42,070.20, STOP LOSS:- 43,570.20.

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