Technical Analysis for BTCUSD for 6th February 2023
Bitcoin Slips 6% from $24k, Bears Retest Key Support Line
Past Performance of BTC
Bitcoin is relatively low, dropping on the last trading day as the upside momentum fades. The coin is down six percent from last week's highs. At yesterday's pace, BTC may post more losses in the days ahead. However, the drawdown could be accelerated should there be losses below $22.5k as BTC melts below January 30 lows.
Bitcoin Technical Analysis
Overall, BTC is bullish. The current formation boxes prices inside a bull flag. Still, buyers have a chance, but that could be amplified if BTC breaks above last week's highs, closing above $24. What's required for buyers to take charge is a surge past immediate resistance levels with rising volumes. Should bears take over, BTC could drop below $22.5k and the middle BB by today's close. In that likelihood, the coin may slip to retest $21.5k in a breakout formation. This could allow traders to double down, riding the emerging trend.
What to Expect from BTC
Traders are confident of the coin's uptrend in the medium term. However, for now, buyers must defend critical support. Any confirmation of yesterday's losses may compound the liquidation, forcing BTC to immediate support lines at $21.5k and round number at $20k.
Resistance level to watch: $24k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.