Bitcoin Technical Analysis Report 19 February, 2021

• Bitcoin under bullish pressure
• Likely to rise to resistance level 55000.00

Bitcoin remains under immense bullish pressure after this crypto currency broke the combined resistance area lying between the round the resistance level 50000.00 (which was set as the likely upward target in our previous forecast for this instrument) and the resistance trendline of the wide weekly up channel from last year. The breakout of this resistance area added to the speed of the active impulse waves 3 and (5) .

Given the overriding daily uptrend, the accelerating daily momentum and the improving global risk climate on clear signs vaccination programmes can soon lead to lockdown easing globally – Bitcoin is likely to rise further toward the next round resistance level 55000.00 – target price for the completion of the active intermediate impulse wave (3).


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