Feb 8: Bitcoin
Bitcoin turned very bullish after the breakout from a falling wedge pattern. This propelled Bitcoin from $38000 to $45000 without any correction. A major resistance on $45000 is where bears will try to pull back the price. Daily close above $45000 will open new targets within the $50k-$52k range.
The 4H RSI is overbought, so we can expect 5%-8% pullback at any point. These corrections will be good buying opportunities for this month. The 42k and 39k will be good supports to place bids on.
It is important to understand that $34k was a safe call to open a long position with low risk and high reward. For a fresh long, it is advisable to wait for better buying opportunities.
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