BTC/USD Comes Off After 41000 Test: Sally Ho’s Technical Analysis 7 February 2021 BTC


Bitcoin (BTC/USD) weakened early in today’s North American session as the pair depreciated to the 38597.28 area after trading as high as the 40508.33 area during the Asian session, with the intraday high down from the earlier test of the psychologically-important 41000 figure.   Traders took BTC/USD as high as the 39737.83 area during the European session before profit-taking ensued.  Chartists observe the pullback during the Asian session also resulted in a test of the 38204.82 level, representing the 23.6% retracement of the appreciating range from 29156 to 41000.  If BTC/USD is able to take out and establish a new all-time high above the 41986.37 area, traders will focus on upside price objectives including 42701.91, 42803.53, 43447.48, 43617.07, 44023.07, 44118.38, and 44526.42.

Following the recent surge of BTC/USD, traders are carefully watching potential areas of technical support including the 38204.82, 36475.59, 35078.00, 33680.41, and 31951.18 levels.   Traders also note that Stops were recently elected above the 35943.73, 36480.83, and 36854.45 areas as well, upside price objectives related to previous buying pressure around the 17580, 16200, and 9819.83 levels and the sell-off intensified below these areas during the recent depreciation.   Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly).   Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).

Price activity is nearest the 50-bar MA (4-hourly) at 36341.03 and the 100-bar MA (Hourly) at 38230.41.

Technical Support is expected around 29783.19/ 29093.19/ 28847.31 with Stops expected below.

Technical Resistance is expected around 42309.01/ 42701.91/ 42803.53 with Stops expected above.  

On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.

On 60-minute chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.


Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

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