Technical analysis of Bitcoin/USD for February 9, 2021

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Since our last post on February 2, we have seen a clear break out from the Bull Flag indication more upside towards the next extension target at 52,804 and likely even closer to the extension target at 59,452 before the next more serious correction set in. Bitcoin was helped by the fact, that Tesla announced that it would buy Bitcoin for USD 1,5 bn.

Support is currently seen at 43,714 and strong support is seen near the 41,762 - 42,582 area. We expect the late support-area to be able to protect the downside for a continuation higher to 52,804 and above.

Trade recommendation:

If long Bitcoin place your stop at 38,020

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

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