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Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further Gains

Nick Cawley, Senior Strategist
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Bitcoin (BTC) Chart and Analysis

  • Bitcoin takes out resistance over the weekend.
  • Altcoins pushing higher but recent heavy losses are still visible.
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In the weekend Bitcoin report, we highlighted that a potential break higher was being kept in check by both the downward trend and the important $39.6k levelformed off the September 21 swing low. This level also held fleetingly in mid-January before breaking sharply lower. This area should now act as a level of support if the market decides to turn lower.

Bitcoin (BTC), Ethereum (ETH) Pushing Higher Into the Weekend on Robust NFP Release

A look at the four-hour Bitcoin chart now shows another positive set-up with a bull flag being formed and played out. A full play out of this formation suggests that Bitcoin could rise to over $46k if the bottom of the flagpole is taken around $37.5k.

How to Trade Bullish Flag Patterns

Bitcoin Four-Hour Price Chart - February 7, 2022

On the daily chart, Bitcoin is close to breaking a dominant series of lower highs that have pushed the market down from its all-time high around $69k. While the $43.5k level is worth watching for any reaction, a break and close above $44.5k would allow Bitcoin to complete the bull flag formation. The recent push higher in Bitcoin has sent it into overbought territory and this needs to be negated to allow BTC to push higher.

Bitcoin Daily Price Chart – February 7, 2022

The altcoin market is also pushing higher but their recent losses are still visible on the daily charts. A look at a selection of popular altcoins shows that some of them are still 30% to 50% below their recent all-time highs. The break above the short-dated moving averages in most cases may see these gains continue, but the cryptocurrency market will need a strong bullish tailwind for these coins to test their ATHs in the short-to-medium term.

Fantom (FTM) Daily Price Chart

Solana (SOL) Daily Price Chart

Binance Coin (BNB) Daily Price Chart

Charts via TradingView

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What is your view on Bitcoin – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.