Technical Analysis for BTCUSD for 1st March 2022
Bitcoin Breakouts, BTCUSDT Price May Retest $45k
Past Performance of BTC
The Bitcoin price is trading above the $40k level a week of sideways movement in what now appears to have been an accumulation. When writing, BTC bulls are in control following the upthrust of February 28, a strong conclusion to the month of February.
Bitcoin Technical Analysis
The BTCUSDT price is firm at the time of writing, trading within a bullish breakout pattern as aforementioned. Technically, preceding the upthrust were a series of higher highs relative to the lower BB. Additionally, BTC prices, despite the intense selling pressure, were within the February 24 bull bar, a net positive from an Effort-versus-Result perspective. How BTCUSDT price action pans out today will shape the short-to-medium term trend. If bulls sustain prices above the $40k round number, traders may double down on dips, targeting $45k and $46.5k as immediate target lines. A dump below $40k, unwinding gains of February 28 pours cold water on buyers, cooling them back to within the $36.5k to $40k range.
What to Expect of BTC
Bitcoin prices are buoyed by strong fundamental factors at press time. As BTC’s utility and adoption increases, its valuation will likely continue rising, a short in the arm for optimistic buyers.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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