Bitcoin bulls have regained momentum after bouncing from $29,000 to $30,000 event level. Bitcoin strikes over $37,500 psychological area. Bulls to continue the bullish bias further in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
February 4, 2021, | AtoZ Markets – Bitcoin rose today morning during the Asian session against the U.S. Dollar. BTC may retrace lower; however, the bulls are probably going to stay above $37,500 area. Bitcoin is currently trading around $38,100 area and trying to push upside. After bouncing from $29,000 to $30,000 support level, the bulls pushed the price higher quite impulsively, but failed to break over $37,500 to $38,500 area. As per the current price action, the price may face strong resistance around $37,500 to $38,500 area again in the coming days.
Bitcoin Strikes Over as the Investors Are Still Optimistic
Bitcoin is currently residing near $38,100 area and trying to recover higher. However, the price also broke above the Kumo Cloud on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin strikes over and currently trading around $38,100 area. As per the current price action, if the price can break above $37,500 to $38,500 area with an impulsive bullish candle close, the bulls may recover upside towards $41,000 to $41,500 key area in the coming days. Alternatively, if the price rejects $37,500 to $38,500 area with an impulsive bearish candle, the bears may regain momentum and decline towards $34,800 to $34,500 area in the process.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the days ahead.
BTC May Continue the Bullish Bias
According to the daily chart, Bitcoin strikes over as the overall bias is still bullish. As per the current price action context, if the price can have an impulsive daily bullish candle close above $37,500 to $38,500 area, the bulls may sustain the bullish trend towards $41,000 to $41,500 key area as a first target. The second target will be $44,800 to $45,000 area if the price breaks above $41,000 to $41,500 key area in the coming days.
Image: Bitcoin Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support in the process. Along with this, the MACD lines are currently residing over the 0.00 level and may have a bullish crossover. It indicates that the bulls may sustain the bullish bias further in the days ahead.
To conclude, as long as the price residing above $34,500 to $34,800 support level, the bias will remain bullish. A daily close is required to identify the definite momentum in the coming days.