Bitcoin Technical Analysis Report 24 February, 2021

• Bitcoin reversed from support area
• Likely to reach resistance level 52000.00

Bitcoin recently reversed up exactly from the combined support area lying between the key support level 45000.00 (which reversed the price at the start of this month, as can be seen from the daily Bitcoin chart below) and the 38.25 Fibonacci correction of the previous upward impulse from the middle of January. The upward reversal from this support area is aligned with the active impulse wave 3 and (3) – from last year.

Given the strong daily Bitcoin and the continued markets optimism about Bitcoin serving as the world’s new reserve currency – Bitcoin crypto currency is likely to rise further toward the next resistance level 52000.00. Significant support remains a the support level 45000.00

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