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BTC/USD Analysis: Yet Another Symmetrical Triangle

By:
Aziz Kenjaev
Published: Feb 10, 2021, 12:13 UTC

Bitcoin’s uptrend continues as more companies are buying Bitcoin. BTC/USD topped nearly 20% after the announcement made by the CEO of Tesla, Inc. Elon Musk. Tesla bought $1.5 billion worth of Bitcoin to accept Bitcoin for its Tesla cars.

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Mr. Musk in his latest tweets backed Bitcoin and other currencies, in one of his tweets he said “I do at this point think bitcoin is a good thing, and I am a supporter of bitcoin.” The question which remains is if other companies follow the lead of Tesla in accepting cryptocurrencies.

Bitcoin set a new All-time-high yesterday hitting $48188, the coin still has plenty of room for growth as the long-awaited $50000 is closer than ever.

There is a great support of the uptrend clearly traced on an hourly BTC/USD chart.

Bitcoin price on Overbit

The pair has also formed a symmetrical triangle and a breakout from the triangle will signal the bullish continuation. The coming resistances if the breakout is confirmed are at $48920 and $51050, though panicking sellers might sell Bitcoin at levels near $50900. MACD also nears the signal line and will cross when BTC escapes the triangle trap.

Bitcoin’s 4 hour chart on other hands has another story to tell. The level where BTC/USD is currently is very wild as Bitcoin has tested yet another resistance.

Bitcoin price on Overbit

As the chart above suggests, Bitcoin might touch the dynamic resistance once again at $4900 – $49200 levels and retrace. The price action similar to the February 8ths jump was seen on January 4th. Such price action suggests that as stronger the impulse wave, the deeper the correction.

Bitcoin price on Overbit

The best price action would be to test $49000 – $49450, retrace to $41400 and go for another bullish run towards $55000. Breakout from the triangle will signal the short-term trend continuation of the pair.

Bitcoin is still bullish, notwithstanding the mid and short-term corrections, as more companies invest in Bitcoin and accept it as a payment method that drives value to the cryptocurrency.

About the Author

Aziz Kenjaevcontributor

Technical analyst, crypto-enthusiast, ex-VP at TradingView, medium and long-term trader, trades and analyses FX, Crypto and Commodities markets.

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