Technical Analysis for BTCUSD for 8th February 2023
Bitcoin Prices Fluctuate Inside a Bull Flag, Will Buyers Succeed?
Past Performance of BTC
Bitcoin prices are stable at spot rates, steady inside a bull flag as demand for the coin during the New York session supported prices. With the dynamic support line by the middle BB still vital in shaping BTC's short to medium-term formation, traders may look for entries on breakout. Any surge above the bull flag may see the coin rallying above $25k.
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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CryptoAltum does not accept any clients under the age of 18.