CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.09% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

76.09% of retail investor accounts lose money when trading CFDs with this provider.

BTCUSD | Weekly Analysis | Testing The 47,540 Resistance? | Crypto

Published: 08.02.2024
by Joseph Jeffriess

Hello traders, thank you for joining us for today’s update. Let’s delve into the weekly chart analysis of Bitcoin. Things are looking positive as buyers persist in challenging resistance levels, indicating a bullish trend continuation. Following the rejection of the recent low and the formation of a doji candle pattern, buyers are exhibiting behaviours suggestive of a potential continuation pattern.

Today’s focus: BTCUSD

Pattern – Continuation (Bullish)
Support – 41,450, 38,514
Resistance – 44,713, 47,540

Will we see the price continue to push higher and test the 47,540 resistance? We have also reviewed a few aspects of what to look for when scouting for a continuation pattern set-up.

Good trading.


* The information provided on this page are the opinions of the author and do not necessarily reflect the opinions of Eightcap and are not endorsed by Eightcap.

Any person acting on the information presented on this page does so entirely at their own risk. No representation or warranty is given as to the accuracy or completeness of this information. Any research provided does not have regard to any specific investment objectives, financial situation and needs of any specific person who may receive it.

Margin trading involves a high level of risk and may not be suitable for all investors. You should carefully consider your objectives, financial situation, needs and level of experience before entering into any margined transactions with Eightcap, and seek independent advice if necessary.