Focus on BTCUSD today – 8th FEB 2024 

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for 8th February 2024. 

Key Takeaways 

• Federal Reserve Kashkari: Fed member Kashkari, known as a “hawk”, said that if conditions are right, they will consider cutting interest rates slowly. As per his comment, he suggests that it will be appropriate to cut interest rates 2-3 times this year. 
• Bitcoin ETF impact: According to Bernstein data, as of last week, approximately 19,000 Bitcoins have flowed in. The strength of ETFs will continue to be a significant factor in price action, and any increase in buying demand of this magnitude will have a significant impact on prices. 

Technical Analysis 

Daily Chart Insights 

• Stochastic Oscillator: The indicator issued a bull signal for the second time in the overbought area, suggesting that the current bull power has once again gained the upper hand. However, the signal occurs in the overbought area, so we need to be alert that the market is at the end of a bullish trend. 
• Breakthrough and retracement: Bitcoin price corrected and consolidated after breaking through the 33-day moving average on January 30. Yesterday’s closing price broke through the previous high, and the market is likely to continue its upward trend in the short term. 

4-hour Chart Analysis 

• Stochastic Oscillator: A bull signal is issued above the 50 midline of the indicator, and both the fast and slow lines have entered the overbought zone, suggesting that the current bulls are relatively strong. 
• Moving average support: The market price broke through the previous high after stepping back on the black 33-day moving average. In addition, the rapid rise after breaking through the previous high suggests that even a short-term correction may only be short-term. 

Pivot Indicator 

• According to the trading central in Ultima Markets APP, the central price of the day is established at 44040, 
• Bullish Scenario: Bullish sentiment prevails above 44040, first target 45540, second target 45980; 
• Bearish Outlook: In a bearish scenario below 44040, first target 43310, second target 42870. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

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Disclaimer   

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

Willy

Willly is a skilled and experienced market analyst who has been analyzing financial markets for over 5 years. He currently serves as a Market Analyst at Ultima Markets, a leading financial services company. Willy brings a wealth of expertise in fundamental and technical analysis, having previously worked as Head of Financial Market Analyst at GCMAsia. There, he oversaw the research department and developed educational materials to build clients' financial knowledge. He also collaborated cross-functionally to amplify sales and achieve business goals. Prior to that role, Willy gained valuable experience as a Financial Market Analyst at the same company. He generated daily and weekly reports, conducted market briefings, and provided trading strategies through webinars. Read his latest market analyses on the Ultima Markets News & Analysis.

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