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Technical Analysis for BTCUSD for 3rd March 2023

Bitcoin Crashes Below Consolidation, Path Back to $21.5k?

Past Performance of BTC

Bitcoin is down at spot rates, crashing below the consolidation as sellers step up. After earlier confidence, it is evident sellers have the upper hand per the formation in the daily chart. At present, the coin is trading below $22.8k, mirroring losses of February 24.

Bitcoin Technical Analysis

The bear bar of March 3 defines the short term. It is a breakout bar and wide ranging, marking a continuation of the February 24 candlestick. Since the coin is now below the previous consolidation, traders may look to short on every attempt towards $22.8k while targeting $21.5k in the short term.

What to Expect from BTC

From a top down preview, buyers are in control. However, after today’s bear breakout, the short term trend has switched to bearish. Support will be the immediate targets at $21.5k and February lows.

Resistance level to watch: $22.8k

Support level to watch: $21.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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