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Technical Analysis for BTCUSD for 8th March 2023

Bitcoin Volatile, Trend Bearish with Resistance at $22.8k

Past Performance of BTC

Bitcoin is fragile at spot rates and may slump, registering even more losses in the days ahead. After yesterday's volatility, there was a spike in participation. However, with a Doji bar, prices are still within the recent trading range. It indicates uncertainty, meaning traders must wait for trend definition.

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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