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.
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