Baxia Markets
February 01, 2022

Bitcoin recovers slowly but steadily

technical analysis top header -01

The cryptocurrency managed to recover 10.28% in the last nine trading sessions, not a very impressive performance but at least the bleeding seems to be stopped, now the price will face a strong resistance on the 23.6% Fibonacci retracement at $41,458


The Bollinger bands are slightly shrinking, which indicates lower volatility, the pair trades in between the bands which suggests that the price is at a fair level; however the short and long term moving averages still trade above the price line, indicating that a downtrend could continue.


BTC Jan 31st 2022


The relative strength index is at 41% which will allow the pair to continue climbing, and potentially break the resistance level at the 23.6% Fibonacci retracement, our Parabolic SAR indicator still suggests that the downtrend will continue, but this could change in the short term.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email