Technical Analysis for BTCUSD for 2nd March 2023
Bitcoin in a Trade Range, BTC Upsides Limited at $24.1k
Past Performance of BTC
Bitcoin remains in an uptrend in the medium term but is in a consolidation in the immediate term. Even though there were gains on March 1, bulls didn't push higher to break above $24.1k. From the daily chart, prices are still within the bear bar of February 24 and bearish in the short term. Unless there is a convincing breakout, there is a high chance of more losses in the coming days.
Bitcoin Technical Analysis
BTC remains in a consolidation with caps at $24.1k and around $22.8k. The defining bar is the February bearish engulfing candlestick. Therefore, from an effort-versus-result perspective, bulls will only take charge, resuming the primary trend should there be a high-volume close above $24.1k. In that case, BTC may float to $25k, mirroring gains of February 15. Conversely, conservative traders can wait for a dump below $22.8k before selling on every attempt higher, targeting $21.5k in a cool-off after surges from mid-December to February 2023.
What to Expect from BTC
Buyers are confident, but price action ticks to favor sellers in the short term. Unless there are welcomed expansions above $24.1k, as mentioned above, reversing losses of February 24, sellers have the upper hand.
Resistance level to watch: $24.1k
Support level to watch: $22.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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