Bitcoin Technical Analysis Report 8 February, 2024

Dmitry Chernovolov Market Analyst

Bitcoin cryptocurrency can be expected to extend the gains toward the next resistance level 48000.00 (which stopped waves 3 and 5 in January and the target price for the completion of the active impulse wave (3)).

– Bitcoin breaks resistance level 43600.00

– Likely to rise to resistance level 48000.00

Bitcoin cryptocurrency rising inside the intermediate impulse wave (3) from the end of January. The price earlier broke the resistance zone lying between the resistance level 43600.00 (which stopped the two previous waves (B) and (1)) intersecting with the 50% Fibonacci correction of the previous sharp downward ABC correction from the start of January. The breakout of the resistance level 43600.00 accelerated the active impulse wave (3).

Given the strong uptrend that can be seen on the daily Bitcoin charts, coupled with the overriding bullish sentiment affecting the cryptocurrency markets – Bitcoin cryptocurrency can be expected to extend the gains toward the next resistance level 48000.00 (which stopped waves 3 and 5 in January and the target price for the completion of the active impulse wave (3)).

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The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

 

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