Bitcoin Technical Analysis Report 11 February, 2021

• Bitcoin reversed up from the support level 45000.00
• Likely to test round resistance level 50000.00

Bitcoin continues to rise after the price reversed up from the support level 45000.00 – which has been underpinning this crypto currency in the last 3 trading sessions. The upward reversal from the support level 45000.00 follows the earlier breakout of the major resistance level 42200.00 (which stopped the previous sharp upward impulse wave 1 at the start of January, as can be seen from the daily Bitcoin chart below) – which accelerated the active impulse waves 3 and (3).

Given the powerful multi-month uptrend – Bitcoin cryptocurrency can be expected to rise further toward the next round resistance level 50000.00 – from where the minor retracement is likely.

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