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An Overview of the Bitcoin Status on 06/02/2024 – An overview of important support and resistance levels of the four major currency pairs of the ongoing week.

 

• First key support level of EUR/USD: 1.0723
• Second Key support level of EUR/USD: 1.0638
• Third Key support level of EUR/USD: 1.0515
• First key resistance level of EUR/USD: 1.079524
• Second Key resistance level of EUR/USD: 1.084653
• Third Key resistance level of EUR/USD: 1.088667

• First key support level of USD/CHF: 0.86672
• Second Key support level of USD/CHF: 0.86057
• Third Key support level of USD/CHF: 0.85552
• First key resistance level of USD/CHF: 0.87276
• Second Key resistance level of USD/CHF: 0.87885
• Third Key resistance level of USD/CHF: 0.88210

• First key support level of GBP/USD: 1.25262
• Second Key support level of GBP/USD: 1.25033
• Third Key support level of GBP/USD: 1.24483
• First key resistance level of GBP/USD: 1.26000
• Second Key resistance level of GBP/USD: 1.26700
• Third Key resistance level of GBP/USD: 1.27724

• First key support level of USD/JPY: 147.350
• Second Key support level of USD/JPY: 145.900
• Third Key support level of USD/JPY: 145.145
• First key resistance level of USD/JPY: 148.810
• Second Key resistance level of USD/JPY: 150.590
• Third Key resistance level of USD/JPY: 151.700

 

An Overview of the Bitcoin Status on 06/02/2024.

Bitcoin has failed to rise beyond $49,000 in the past weeks and is currently undergoing a correction.The buyer’s exit from buy transactions has led to a price ceiling of $49,100 due to the use of the round resistance level of $49,000.

Examining longer-term intervals, such as weekly, is still an upward trend, but a clear and transparent reason for the price reduction has not yet emerged.

The candlestick from two weeks ago with a long lower shadow suggests more upside potential and pressure on buyers to obtain higher prices.

Since the end of last month, Bitcoin’s price has remained relatively stable, fluctuating between a price floor of $41,850 and a price ceiling of $43,500. Technical traders consider breaking each level necessary and follow it.

In the present circumstances, buyers are more active in the short term, and the prices have increased from the price floor of $42279. This price floor is formed on an upward trend line consisting of four support points.

If a price floor is set weekly, and there are no negative fundamental factors affecting growth, then there is a potential for the price to increase. Short-term resistance levels of $43,500 and $44,400 may be reached, with a long-term possibility of reaching $48,000.

If traders are looking to sell, they should be cautious when the price breaks the $41,850 level, as this would suggest the potential for further correction to the $40,550 level. The price could drop to $38,500 in the more severe case scenario.

 

The CloseOption Team

www.closeoption.com

 

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