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Technical Analysis for BTCUSD for 6th March 2023

Bitcoin in a 3% Range as BTC is Stuck within a Bear Breakout

Past Performance of BTC

Bitcoin prices were unmoved over the weekend and relatively uneventful. As a demonstration, prices remain inside a 3% range as the bears tower over bulls. The short-term trend remains bearish, and the path of least resistance is southwards. This preview is valid if prices are below the middle BB and $22.8k.

Bitcoin Technical Analysis

Since BTC is within the March 3 bear candlestick, every high below $22.8k presents an unloading opportunity for sellers. The bar is wide-ranging, and the subsequent bars printed over the weekend have a tight trade range with light trading volumes. Since bulls didn't flow back and attempt to reverse losses, the immediate term trend is southwards. Subsequently, every attempt towards $22.8k might present entries for sellers targeting $21.5k. If there are sharp dip below last week's low, it will confirm losses of March 3, allowing traders to double down on their sell-off, angling $21.5k or lower.

What to Expect from BTC

Sellers are in charge, and the short-term trend is southwards. With the trend set and BTC within a bear breakout formation below the range of early last week, traders might look to sell, targeting the immediate support level defined in Q1 2023.

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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