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Overview :

Trading BTC/USD : Bitcoin

The bulls must break through $43,000 in order to resume the up trend.

Closing above the Pivot Point ($43,000) could assure that BTC/USD will move higher towards cooling new highs.

As we know (10/02/2021) :

  • 1 BTC —> $ 46,000 approximately
  • 1 ETH —> $ 1,700 approximately
  • So, 1 ETH —> 0.0369 BTC.
  • One Ethereum is only worth 0.0369 Bitcoin.

We expect to see a strong reaction off this level to push price up towards $45,000 before $47,000 resistance (horizontal swing high resistance).

Stochastic (34,5,3) is seeing major support above 30% and a bullish divergence vs price also signals that a reversal is impending.

According to the previous events the price is expected to remain between $45 k and $47 k levels.

Profit target reached perfectly once again, prepare for a bounce from the area of $45,000.

Buy-deals are recommended above $45,000 with the first target seen at $46,000. The movement is likely to resume to the point $46,500 and further to the point $47,000.

Moreover, in larger time frames the trend is still bullish as long as the level of $44 k is not breached.

A daily closure above $47 k allows the pair to make a quick bullish movement towards the next resistance level around $48,206.

Trading recommendations :

The trend is still bullish as long as the price of $ 45 k is not broken. Thereupon, it would be wise to buy above the price of at $45,000 with the primary target at $ 47 k. Then, the BTC/USD pair will continue towards the second target at $48,206 (a new target is around $48,206).

The material has been provided by InstaForex Company – www.instaforex.com

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