Trading Signal for BTC/USD for February 09 - 10, 2021: Sell Below $47,000

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Today February 9, the price of Bitcoin (BTC / USD) registered a new all-time high at $ 47,546, after Tesla documents revealing that the company had invested 7.7% of its gross capital in BTC. The purchase gives Tesla a sizable $ 1.5 billion position in BTC assets.

According to some data shows that the BTC / USD this week has risen 21% which gives it a good performance compared to other digital assets, however, we expect there to be a technical correction in the coming days.

At the writing of this article it is trading at 46,217, we expect it to consolidate below the uptrend channel, which has now turned into its resistance, the 47,000 zone could give BTC / USD a correction to the SMA zone of 21 about $ 40625.

The key level of $40,625 has now become a strong support as it coincides with the uptrend channel, this area could be a good point for a new bullish wave, which will take it to the psychological level of $50,000.

Our recommendation is to sell below $ 47,000 with targets of $ 44,520 and $ 40,625.

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Support And Resistance Levels For February 09 - 10, 2021

Resistance (1) $47,738

Resistance (2) $49,236

Resistance (3) $50,834

Support (1) $42,331

Support (2) $40,146

Support (3) $37,229

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

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