Cryptocurrency Analysis

[IFX_Selena]

Technical analysis BTC/USD for February 03, 2021

Trading Cryptocurrency BTC/USD (Bitcoin)

Bitcoin price prediction

Our target is still looking at $ 40k. Bitcoin bouncing perfectly, look to protect our profits around the objectives of $ 37,000; $ 38,000; $ 39,000 and $ 40,000.

There is still tremendous doom and gloom about Bitcoin and the only reason we are seeing a correction around the spot of $ 35k. But, we expect a possible correction will stay above the price of $35,000. That has fuelled some hope amongst investors and led to the recent intermediate corrective bounce.

Guggenheim CIO Says Bitcoin Could Eventually Climb to $ 600,000. While bitcoin has potential to support a huge valuation long-term, currently there isn't enough institutional involvement, Said Scott Minerd.

But, we say that it's overrated, especially for now. So, in coming days the BTC/USD will try to trade between the levels of $ 35,000 and $ 40,000 on the one-hour chart.

Further close above the high end may cause a rally towards $ 35,000. Nonetheless, the weekly resistance level and zone should be considered. The RSI is still calling for a strong bullish market as well as the current price is also above the moving average 100. Therefore, it will be advantageous to buy above the support area of $ 35,000 or/and $ 36,000 with the first target at $ 37,000.

If the pair closes above the weekly resistance 1 of $ 37,000, the BTC/USD pair may resume it movement to $ 38,000 to test the weekly resistance 2.

Also, it should be noted that some news are very important to know the way of BTC/USD's trading.

Example : Binance Says It Wants to Get More People Using Crypto With Its New Payments Service. The beta Binance Pay product currently allows users to make and receive payments in five cryptocurrencies and the Euro.

Moreover, if the BTC/USD pair succeeds to break through the resistance level of $ 38,000, the market will climb further to $ 39,000.

This would suggest a bullish market because the Stochastic oscillator indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop higher towards at least $ 40.


Forecast

The price spot of $ 35,000 remains a significant support zone. Therefore, a possibility that the BTC/USD pair will have upside momentum is rather convincing and the structure of a scaling does not look corrective.

For this reason, the market of Bitcoin ill be probably call for a strong bearish opportunity above the prices of $ 35,000 & $ 36,000.

Buy above $ 35,000 & $ 36,000 with the first targets at $ 36,00; $ 37,000; $ 38,000, $ 39,000 and the $ 40,000. However, the stop loss should be located above the level of $ 34,500.






Mourad El Keddani
Analytical expert
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