Trading Signal for BTC/USD for February 07 - 08, 2021: Key level $44,150

On February 10, the price of Bitcoin (BTC / USD) retreated by 6.1% from its new high of $48,220 and is currently trading at $43,973.

The pullback to the $44,000 level could simply be the result of traders withdrawing their recent gains from Bitcoin and altcoins, after its all-time high, it lost bullish momentum near the $48,000 level.

On the other hand, a recent announcement from analysts at JPMorgan: It says that they do not expect any large companies to follow the recent purchase of Bitcoin of $1.5 billion that Tesla made of the cryptocurrency market.

On a technical level, we note that BTC/USD is trading above the 21 SMA on 4-hour charts, we also note that Bitcoin is forming a bullish pennant technical pattern.

If Bitcoin sustains above the 21 SMA around $44,150 we could expect bullish momentum to the top of the pennant channel around $46,826.

A break above the pennant ($46,826) would be the target at Murray's 8/8 line around the $50,000 psychological level.

Conversely, a break below the 21 SMA below $43,900 we would expect a bearish move to the bottom of the bullish channel at $40,625.

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Support And Resistance Levels For February 11 - 12, 2021

Resistance (1) $45,879

Resistance (2) $46,957

Resistance (3) $47738

Support (1) $43,361

Support (2) $42,148

Support (3) $40,146

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

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