CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/GBP
As we had mentioned in our previous analysis, Bitcoin hit our first target objective at £40,872 on February 21. However, after this technical level was reached, profit-booking set in on February 22, which pulled the price down to the 20-day EMA. The long tail on the day’s candlestick shows that the bulls purchased the dip aggressively. The buyers will now have to drive the price above £41,795 to resume the uptrend. However, the bears are unlikely to give up without a fight. They are currently again trying to sink the price below the 20-day EMA. If they succeed, then it could lead to long liquidation as the aggressive bulls who purchased on February 22 may be forced to cover their positions. The next support on the downside is £30,936 and then the 50-day SMA. The bulls may try to arrest the decline in this zone. If they are able to do that, the BTC/GBP pair may remain range-bound for a few days. On the other hand, if the bears sink the price below the 50-day SMA, the pair could enter a deeper correction and decline to £21,000. As the bottom is still not in place, we are not proposing a trade in it.
Cryptonaire Weekly | February 23rd 2021
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