Technical analysis of Bitcoin/USD for February 4, 2021

analytics601b95c841707.jpg

Bitcoin could be on the edge of breaking out from the bull-flag, that has developed over the last month. A clear break out from the bull-flag will call for the next huge rally higher towards 46,222 and likely even higher towards 52,483 as the next major upside target. Longer-term even higher levels can't be excluded.

The former top at 42,000 could act as a temporary cap, but ultimately Bitcoin should clear this higher for a continuation higher towards 46,222 and higher.

Trading recommendation:

Buy Bitcoin upon a break above 38,620 for a continuation higher towards 46,222 Stop should be set at 32,190

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

Pages