BTC Technical Analysis - 02/07/2022
BTC broke out from its downtrend resistance line 02/04/2022 and will have sustained a breakout for 3 consecutive closes as of today.
We have support at the 40700 level, and resistance at 47000.
A pull back to support would be healthy for this breakout as we are reaching very over bought levels on the RSI momentum indicator.
If the 47000 level is broke, look for resistance at the 200 Day MA.
watch for higher highs, and higher low when trading. Exits for BTC would be if we start to make lower highs, and lower lows.
Further selling off of the SPX would put down pressure on BTC - we still have not broke the downtrend resistance on the SPX.
We have support at the 40700 level, and resistance at 47000.
A pull back to support would be healthy for this breakout as we are reaching very over bought levels on the RSI momentum indicator.
If the 47000 level is broke, look for resistance at the 200 Day MA.
watch for higher highs, and higher low when trading. Exits for BTC would be if we start to make lower highs, and lower lows.
Further selling off of the SPX would put down pressure on BTC - we still have not broke the downtrend resistance on the SPX.
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