04.02.202110:12 Forex Analysis & Reviews: Bitcoin: step-by-step development of the forecast

Bitcoin rose on Wednesday, adding about 4% in 24 hours according to Coinmarketcap. The BTCUSD quotes broke through the next target indicated in the forecast of February 2 - the local level of 37208.97 at the intersection with the triangle resistance line. Now their further dynamics will depend on whether this breakdown is true and marks the breakdown of the figure up or will be false and the price of the main cryptocurrency will turn down.

The growth scenario is not so simple. It would seem that the exit up from the currently forming trades on the four-hour chart will signal further growth. However, there is one thing that stands in the way of the price. In this case, it is the level of the previous highs formed by the bitcoin jump on the comments of Elon Musk last week. Thus, fixing above it will be a more convincing signal of continued growth. In this case, there is a possibility of even updating the historical highs for BTCUSD.

But if the breakdown of the triangle's resistance turns out to be false, the quotes will return to the local level of 37208.97, which means that bitcoin is open to the south, inside the figure. The nearest target will be a strong mirror horizontal of 34708.27.