Technical Analysis for BTCUSD for 8th March 2023
Bitcoin Volatile, Trend Bearish with Resistance at $22.8k
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance is southwards, and the coin is within a bear breakout formation. With the broader currency market lower, BTC may likely follow suit in the days ahead. Note that prices are range-bound, but yesterday's events favor sellers in the short term. Technically, any high below $22.8k offers an entry for sellers targeting $21.5k. This could change if there is a sharp expansion above the March 3 bear bar, reversing losses as buyers flow back as the primary bull trend resumes.
What to Expect from BTC
After gains from mid-December 2022, the uptrend might be over following losses last week. As aforementioned, traders can look to short on every attempt higher, targeting $21.5k, or lower, in the immediate term.
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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