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🟢Forex Pair: BITCOIN/USD
⚪Technical Analysis: The 8th of February 2021, the price broke through an interesting weekly support zone, pushing up with a strong bullish candle, quickly reaching the level at about 44k. Since that moment, the price started following a clear uptrend, moving the market inside a rising wedge pattern.
Its first bullish impulse, moved the price up until the level at about 48k, but a daily clear doji candle gave us a sign of market uncertainty, falling down during the next day. Few days of consolidation, a quick re-test of the level at 44k and the price got a new strong bullish impulse that moved the price up breaking through the level 48k, starting a second consolidation. It is currently moving around the S/R zone at about 47k, and in the h4 perspective it got a couple of rejections on its dynamic support trendline.
🔴Conclusion: I think the bitcoin will give us an interesting long opportunity, the price is moving above its ema 200 in many time frames but still inside a consolidation phase. I'm confident to see an upcoming increasing of volatility and I'll be waiting to see a breakout of the current S/R zone before planning my long position on this trade.
If you would like to have a quick look about my previous BITCOIN's analysis, feel free to click the link below:
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly, Gianni
Comment
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The price got an interesting bullish impulse, our target is almost reached!