Technical Analysis for BTCUSD for 7th March 2023
Bitcoin Flatlines, BTC Trend Remains Bearish as Trading Volumes Thin
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance is southwards. This preview is valid as long as prices are within the bear candlestick of March 3. Moreover, from an effort versus result perspective, sellers have the upper hand considering the thin trading volumes of the past three days. Notably, the coin is within a bear formation after losses below the recent consolidation of last week. In the short term, traders can look for liquidation, targeting $21.5k, a vital support line—previous resistance. However, the trend can quickly change should there be a high volume bar pushing BTC above $22.8k, effectively reversing losses of March 3.
What to Expect from BTC
Traders are optimistic, but candlestick arrangement points to weakness in the short term. Because the bear bar defining the current trend is conspicuous with expanding volumes, the odds of BTC tanking remain high.
Resistance level to watch: $22.8k
Support level to watch: $21.5k
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