REDATOR Ben Graham Posted February 5 REDATOR Report Share Posted February 5 Bitcoin is trading around $72,933, last seen in August 2024, and is expected to find good support around the weekly 200 EMA located at $68,741.Since its all-time high of around $127,000, Bitcoin has lost more than 40% of its value, so it is expected to find good support around $68,000. If the bearish force prevails, we could expect it to reach the lower band of the uptrend channel formed since March 2022, around $62,690.In the coming weeks, we could be watching price levels around $69,000 or the psychological $70,000 level. This area above the 200 EMA could be a good point to open long positions, with targets at the 21 SMA around $95,000.If the downward pressure prevails for Bitcoin, we could be watching for key support at the bottom of the uptrend channel around $63,000. This level could offer us a good point to take long positions, with targets at $70,000 and $87,500.A decisive break of the weekly uptrend channel and consolidation below $63,000 could mean a strong technical correction for Bitcoin, and we could expect it to reach the psychological level of $50,000 or even the lower band of the uptrend channel formed since May 2020, around $41,000.Given that Bitcoin is trading within an uptrend channel and approaching support levels, we will look for opportunities to buy in the coming weeks above $68,000 or above $70,000 with targets at $85,500 and around the psychological level of $90,000.The material has been provided by InstaForex Company - www.instaforex.com Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Liked! × 💬 Did you like this content? Your feedback is very important! Liked! Perfect! Thanks! Love it! Haha Confused :/ Oush! Wow! Quote Link to comment Share on other sites More sharing options...
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