Bitcoin continues higher as price remains inside a bullish channel.

By | February 6, 2020
InstaForex
Bitcoin continues higher as price remains inside a bullish channel.

Relevance up to 13:00 2020-02-08 UTC–8

BTCUSD continues to rise towards the 50% Fibonacci retracement and the $10,100 resistance level. Price continues to trade inside the bullish channel after exiting the downward sloping wedge pattern.

analytics5e3c89b600d12.png

Red lines- wedge pattern

Green lines – bullish channel

BTCUSD is approaching important Fibonacci resistance. Short-term support is at $9030. If price breaks below this support level we should expect selling pressure to push price towards $7,500-$7,200 for a back test of the broken wedge pattern.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2020

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