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BTC/USD technical outlook: targeting the $49K resistance

By:
on Feb 8, 2024
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  • The price of BTC/USD will possibly reach the $43k resistance level in the coming days
  • The risk-to-reward ratio on this trade is 1:3.1
  • Multiple take-profit levels have been added to secure profit along the way

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BTC/USD trading strategies

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  • Buy/sell asset: Buy BTC/USD
  • Entry price: $43.3K
  • Stop loss: $41.5K
  • Leverage: 1x
  • Take profit 1: $45K
  • Take profit 2: $47K
  • Take profit 3: $49K
  • Timeframe: 1-2 weeks
  • Maximum profit: 13%
  • Maximum loss: 4%

Bitcoin chart and technical analysis

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The price of BTC/USD recently broke above a major resistance zone of $42.9k. The price made long bull candles and formed a bullish market structure which indicates a further surge in coming days.

The price formed a bullish Head and Shoulder pattern which is a major bullish reversal pattern. The price will possibly make a correction and will retrace to the $43.3k support level before making new gains.

I would recommend waiting for the price to make a correction before entering for long trades and my recommended target for this trade is the $49k resistance.

Bitcoin fundamental analysis

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Fundamentally, there is no high-impact news this week that could impact the price of Bitcoin substantially and the price will likely follow price action. However, crypto analysts are very optimistic about the price of Bitcoin reaching an all-time high in 2024.

Bitcoin to US dollar trade idea takeaways

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  • BTC/USD broke and closed above a key resistance level recently.
  • The price will possibly reach the $43k resistance level in the coming days.
  • Multiple take-profit levels have been added to secure profit along the way.
  • The risk-to-reward ratio on this trade is 1:3.1.
  • The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
  • Good luck!
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