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SubscribeTechnical analysis BTC/USD for February 01, 2021
Trading Cryptocurrency BTC/USD (Bitcoin)
Bitcoin price prediction
What's the Bitcoin Future? Cryptocurrencies are the new money! so, Bitcoin is really a great fortune. Hence, our target $ 40,000 in the next few days.
Bitcoin price is facing a major support near $ 32,000 and $ 31,500.
Today, BTC/USD is trading around the weekly pivot point $ 33, 931. Because BTC/USD broke resistance which turned to strong support at the price of $ 32,0000 last week. The price of $ 32,0000 is expected to act as major support today.
Also, it should be noted that : As long as there is no daily close below $ 32,000 or/and $ 31,500, there are no chances of a fresh decrease below $ 31,000 (Support 2).
But, after a significant rally to $ 38,638 (top), Bitcoin price failed to retain gains. Therefore, BTC/USD has dropped from the last bullish wave of $ 38,638 to set around the area of $ 32,000 - $ 33,931.
On the upside, an initial resistance is near the $ 33,931 (top) and $ 34,000 levels. The main hurdle is near USD 35,000, above which the price could rise steadily towards the $ 35,000 resistance.
From this point, we expect BTC/USD to continue moving in a bullish trend from the support levels of $ 33,000 and $ 33,931.
Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in the bullish trending market.
Consequently, the first support is set at the level of 1.4257 (horizontal blue line). Consequently, the market is likely to show signs of a bullish trend around the spot of $ 33,000 and $ 33,931.
Stochastic (34,5,3) is seeing major support above 60% where we expect further upside movement from.
Bitcoin has shown a high level of stability. The dominant currency has not experienced such high volatility for months in recent history, even in the wake of the 2015 correction.
Since three months and PTC/USD has traded in range between $ 1,000 and $ 5,000 daily. - Thus, be careful at trading deals.
Forecast
Amid the previous events, the pair is still in a downtrend, because BTC/ USD is trading in a bullish trend from the new support line of $ 33,000 towards the first support level at $35,000 in order to test it.
If the pair succeeds to pass through the level of 35,000, the market will indicate a bullish opportunity above the level of 35,000. New objectives $ 36,500, then return to the last bullish wave of $ 38,638. Our target $ 40k.
The market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
However, if a breakout happens at the support level of $31,000, then this scenario may be invalidated.
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Crypto industry news (Ethereum News - (Source : cryptonews - coindesk))
1) Bitcoin Falls Back to $32K as Elon Musk's Bio Change Fades Into Memory.
2) After GME, Dogecoin and Bitcoin, Chinese Traders Are Betting What Will Pump Next. Rallies in GameStock (NYSE: GME) shares as well as dogecoin (DOGE) and bitcoin (BTC) are piquing the betting interest of traders in China as much as they are in the United States. On Weibo, the popular social media platform in China, the highly active crypto community is speculating on which cryptocurrency will be next to get a major pump after dogecoin and bitcoin jumped in recent days.
3) Visa May Add Cryptocurrencies to Its Payments Network, Says CEO. The card giant works with wallets and exchanges to enable crypto purchases, and could eventually use digital currencies over blockchain in the same way it processes traditional money.
Mourad El Keddani
Analytical expert
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