Jump to content
How to flag inappropriate content ×

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

MongiIG

By MongiIG,
in Cryptocurrency and Blockchain

Recommended Posts

MongiIG Honoured Contributor

MongiIG

Posted
Posted

Bitcoin (BTC) Chart and Analysis

  • Bitcoin takes out resistance over the weekend.
  • Altcoins pushing higher but recent heavy losses are still visible.
Bitcoin Eyes $8.5K Hurdle After Biggest Single-Day Price Gain in Five Weeks - CoinDesk

In the weekend Bitcoin report, we highlighted that a potential break higher was being kept in check by both the downward trend and the important $39.6k level formed off the September 21 swing low. This level also held fleetingly in mid-January before breaking sharply lower. This area should now act as a level of support if the market decides to turn lower.

Bitcoin (BTC), Ethereum (ETH) Pushing Higher Into the Weekend on Robust NFP Release

A look at the four-hour Bitcoin chart now shows another positive set-up with a bull flag being formed and played out. A full play out of this formation suggests that Bitcoin could rise to over $46k if the bottom of the flagpole is taken around $37.5k.

How to Trade Bullish Flag Patterns

BITCOIN FOUR-HOUR PRICE CHART - FEBRUARY 7, 2022

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

On the daily chart, Bitcoin is close to breaking a dominant series of lower highs that have pushed the market down from its all-time high around $69k. While the $43.5k level is worth watching for any reaction, a break and close above $44.5k would allow Bitcoin to complete the bull flag formation. The recent push higher in Bitcoin has sent it into overbought territory and this needs to be negated to allow BTC to push higher.

BITCOIN DAILY PRICE CHART – FEBRUARY 7, 2022

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

The altcoin market is also pushing higher but their recent losses are still visible on the daily charts. A look at a selection of popular altcoins shows that some of them are still 30% to 50% below their recent all-time highs. The break above the short-dated moving averages in most cases may see these gains continue, but the cryptocurrency market will need a strong bullish tailwind for these coins to test their ATHs in the short-to-medium term.

FANTOM (FTM) DAILY PRICE CHART

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

SOLANA (SOL) DAILY PRICE CHART

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

BINANCE COIN (BNB) DAILY PRICE CHART

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

Charts via TradingView

What is your view on Bitcoin – bullish or bearish?
 
 
Feb 7, 2022 |  Nick Cawley, Strategist. DailyFX
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Go to topic listing

  • image.png

  • Posts

    • tradinglounge
      Bitcoin Crypto Price News Today Elliott Wave Technical Analysis

      By tradinglounge · Posted

      Elliott Wave Analysis TradingLounge Daily Chart, Bitcoin / U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective position: Wave ((Y)) Direction Next higher Degrees: wave IV Wave Cancel invalid level:  Details: The decline of wave IV is likely to end and the price is re-entering the uptrend. Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: It looks like the wave IV correction is complete and the price is still likely to move up. Look for an opportunity to join the wave V uptrend. Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Elliott Wave Analysis TradingLounge H4 Chart, Bitcoin / U.S. dollar(BTCUSD) BTCUSD Elliott Wave Technical Analysis Function: Counter Trend Mode: Corrective Structure: Double Corrective position: Wave ((Y)) Direction Next higher Degrees: wave (2) Wave Cancel invalid level:  Details: Wave (2) is likely to end and the price is re-entering the uptrend. Bitcoin / U.S. dollar(BTCUSD)Trading Strategy: It looks like the wave 2 correction is complete and the price is still likely to move up. Look for an opportunity to join the wave 3 uptrend. Bitcoin / U.S. dollar(BTCUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, The Wave Oscillator is a Bearish Momentum. Technical Analyst : Kittiampon Somboonsod Source : Tradinglounge.com get trial here!  
    • AshishIG
      TradingView integration - Beta version issues

      By AshishIG · Posted

      Dear @JamSea, Thank you for bringing this to our attention, and we appreciate your feedback on the TradingView integration. We’re aware of the issue with the Volume and VWAP indicators, and our development team is actively working on resolving it. However, we don’t have an ETA at the moment. We understand how important these features are, and we’ll keep you updated as soon as we have more information. Thank you for your patience and understanding. Regards, AshishIG
    • JamSea
      TradingView integration - Beta version issues

      By JamSea · Posted

      Hi all. Has anyone had errors or issues with the new TradingView integration. My issue is that I cannot use Volume and VWAP indicators. It appears that anything requiring volume data does not work, and only shows error against the indicator. IG Trading - can you advise when volume data shall be available on the TradingView platform. Thank you.

Markets

Forex

Indices

Shares

Other markets

IG services

Spread betting

CFD trading

Share dealing

Trading platforms

Web platform

Trading apps

Advanced platforms

Compare features

About Us

How we support you

What we do with your money

How does IG make money?

Professional trading

Contact us

Post topic on Community

Browse Help and Support

Education on Academy

Tweet us @IGClientHelp

UK

IG | Sitemap | Terms and agreements | Privacy | How to fund | Cookies | About IG

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. All trading involves risk.

The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.

CFD accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd and share dealing and stocks and shares ISA accounts provided by IG Trading and Investments Ltd. IG is a trading name of IG Markets Ltd (a company registered in England and Wales under number 04008957), IG Index Ltd (a company registered in England and Wales under number 01190902) and IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Index Ltd (Register number 114059) and IG Trading and Investments Ltd (Register number 944492) are authorised and regulated by the Financial Conduct Authority.

The information on this site is not directed at residents of the United States, Belgium or any particular country outside the UK and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

© 2003 - 2020

IG | Terms and agreements (UK) | Privacy (UK) | Cookies | Investors | Careers | Marketing partnership

×
×
  • Create New...
us