11.02.202111:23 Forex Analysis & Reviews: Bitcoin: Adjusting technical benchmarks

Since yesterday evening, the quotes of the main cryptocurrency did not give more clarity whether the downward correction has ended. However, there was a need to adjust the technical guidelines on the chart.

Thus, the new local mirror resistance level of 45553.17 does not allow the BTCUSD price to recover yet, and the horizontal level of 44292.39 works as support. Narrow sideways with subsequent momentum are typical for cryptocurrencies during periods of consolidation. This means that either a transition to a new sideways trend or an impulse exit from the area of 44292.39 - 45553.17 (marked with a dotted line) is possible further.

The next thing to pay attention to is the descending channel 48178.13 - 47331.98 - 45032.29 from February 9. It is clearly visible on the hourly time frame, both of its boundaries are confirmed. Therefore, there are also prerequisites for growth to resistance. Although the price can creep up to it in the sideways direction. And there - a breakdown of the upper limit of the trend or a reversal in the channel.

Reaching the level of 100 on Fibo Expansion, which has already been confirmed as support, is still quite likely within the same local downward trend.