Technical Analysis for BTCUSD for 8th February 2023
Bitcoin Prices Fluctuate Inside a Bull Flag, Will Buyers Succeed?
Past Performance of BTC
Bitcoin Technical Analysis
BTC remains in a tight range, fluctuating inside a bull flag as traders search for entries. As it is, buyers are in control, a net positive for optimistic traders. There will be clarity once BTC breaks out, either above $24k or $22.5k. Ideally, this liquidation should be with rising trading volumes, indicating participation. For buyers, any surge above $24k may lift BTC towards $25k or better. Conversely, losses below the base of the flag might see BTC slide to $21k and January 20 lows of $21k.
What to Expect from BTC
The primary trend remains northwards. Nonetheless, there are attempts to slow down the upside. This is expected considering the welcomed expansion from mid-January. Conservative traders can still wait for a clear trend definition before committing, targeting $25k, or $21k, depending on the eventual breakout direction.
Resistance level to watch: $24k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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