Technical Analysis for BTCUSD for 2nd February 2023
Bitcoin Bouncing Higher With Targets at $25k
Past Performance of BTC
Bitcoin Technical Analysis
Bitcoin prices are steady in the daily chart and bullish, appearing to resist attempts for lower lows. Still, the coin remains within the bearish engulfing bar of January 30. The good news is that the bear bar of early this week was with relatively low trading volumes, favoring bulls from an effort versus result perspective. Therefore, as it is, and factoring in FED's declaration (a fundamental event), traders can buy the dips, expecting the coin to retest $24k. Considering the current formation, aggressive traders can double down in lower time frames with targets at $25k in the short term, provided the coin trades above the $22.5k support line.
What to Expect from BTC
BTC looks likely to break the immediate resistance line as fundamentals provide tailwinds. After the bearish engulfing bar of January 30, BTC bulls could reverse losses and align the trend established in mid-January 2023.
Resistance level to watch: $25k
Support level to watch: $22.5k
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