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BTC, Bitcoin, Technical Analysis

Bitcoin Facing Profit-Taking

Adel 23 February, 2021 12:07 pm Daily Technical Analysis, Technical Analysis

Bitcoin prices fell significantly due to its exposure to strong profit-taking, after a series of record gains approaching $60,000.

Technically, we are biased towards negativity due to the obvious negativity of Stochastic, in addition to the negativity of the simple moving averages. We await confirmation of breaching 48,350 support, targeting 47,335, and then 46,320.

Trading again above 50,570 increases the possibility of a re-test of 50,750.

Note: Risk level is high and all scenarios are on the table.

S1: 48530R1: 50750   
S2: 47335  R2: 51770
S3: 46315R3: 52970

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