BTC/USD – Still in Consolidation Phase and Looking for Momentum

February 7, 2023

Table of Contents

Bullish View

  • Buy Stop: 23,400
  • Take Profit: 24,500
  • Stop Loss: 22,500

Bearish View

  • Take Profit: 23,400
  • Stop Loss: 24,500
  • Timeline: 1-2 days

Bitcoin did see a slight pullback after the US NFP data release. As of now the pair is still in consolidation and haven’t found the lost momentum. It looks like the rally has ended for now as we saw a sharp decline in Bitcoin prices. The price charts also showed a movement above 23.6% fibonacci retracement levels. The BTC pair price also formed a triple top pattern on the charts.

Hence, currently the overall outlook for the pair is bearish. The pair was quite stable during the first few weeks of the last month, but for now the consolidation phase is likely to continue until and unless there is some favourable development happening for the pair.

Author Amsterdam