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Technical Analysis for BTCUSD for 7th March 2023

Bitcoin Flatlines, BTC Trend Remains Bearish as Trading Volumes Thin

Past Performance of BTC

Bitcoin continues to spin horizontally, within a bear formation, and technically under pressure. For the third consecutive day, bulls failed in their attempt to push higher, reversing losses of March 3. Per the candlestick arrangement in the daily chart, traders can look to short on every high below $22.8k, targeting short-term reaction levels.

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

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

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