Bitcoin Forecast And Analysis For 5th February: Price Close To Entering Buy Area

The decline seen in yesterday's post has not caused the price to reach the bottom of the current range (yet). However, it is close to entering the first buy area I marked red in yesterday's analysis.

At the time of this writing, the bitcoin course was equal to $3407 and the market capitalization was 60,542,852,220.

The price did enter this buy area briefly on Sunday night (red arrow), but the reversal it created didn't cause the price to rise that much, which could be a sign it isn't a strong area.

The other area, marked in green, is still valid. Because of its location, this area has a higher chance of causing the price to reverse, but I'm not 100% sure we'll see the price reach it. I think a reversal back up to the highs of the range will take place before we see the price decline into it, so we'll have to wait and see for now.