Technical Analysis for BTCUSD for 7th February 2023
Bitcoin in Range above $22.5k in a Bull Flag
Past Performance of BTC
Bitcoin is firm, and buyers appear to be soaking in selling pressure, reading from the BTC price action in the daily chart. BTC is trading above the middle BB and $22.5k, the immediate support level. As it is, aggressive traders can load on dips. However, conservative traders can wait for prices to tear above the bull flag and $24k before doubling down, targeting immediate resistance lines.
Bitcoin Technical Analysis
The path of least resistance is overly northwards. There were attempts at lower lows earlier, but buyers have yet to confidently confirm the strong uptrend of mid-January. Technically, once prices break above $24k with expanding participation levels, forcing the coin above the bull flag is when traders can buy the dips, targeting $25k or better. For now, there is a risk of BTC slipping below the middle BB, and $22.5k is a cool-off that may provide sellers an opportunity to ride the emerging trend. Considering the current consolidation, the best course of action is to wait for a clear trend definition above or below immediate reaction levels.
What to Expect from BTC
Bitcoin is boxed in a tight trade range with caps at $22.5k and $24k. Inside a bull flag, a breakout with expanding volumes in either direction may determine the short-term BTC trend.
Resistance level to watch: $24k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.