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Bitcoin Retesting Support

Adel 10 February, 2021 1:02 pm Daily Technical Analysis, Technical Analysis

Bitcoin succeeded in retesting the required support during the previous analysis, located at the price of 46,440, recording its lowest level at 45,797.

On the technical side, today we find the RSI indicator gradually losing the bullish momentum over the short time periods.

With the intraday trading remaining below the resistance level of 46,230, this makes us believe that there is a possibility for a bearish tendency to occur in the coming hours, with the first target of 45,920 and from 45,780. Trading above 46,230 will stop the expected retest scenario and lead Bitcoin to continue the rally towards 46,350.

Note: The level of risk is high and all scenarios are on the table.

S1: 45920R1: 46350   
S2: 45640R2: 46510
S3: 45485R3: 46780

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