Technical Analysis for BTCUSD for 9th February 2023
Bitcoin Consolidates inside a $1.5k Range, Bulls Retain Control
Past Performance of BTC
Bitcoin Technical Analysis
As mentioned earlier, BTC prices have support at around $22.5k. This is a critical level, also flashing with the base of the flag. As prices consolidate between $24k and the support, swing traders might take their profits on every attempt higher. Meanwhile, conservative traders might wait for entries on breakout in either direction. Any surge above $24k may trigger demand, lifting the coin towards $25k or better. Conversely, losses may see BTC slip to $21.5k in a retest. Ideally, any breakout must be with rising trading volumes above the recent averages.
What to Expect from BTC
Bulls are in control despite the recent lower lows from the upper BB. This indicates that upside momentum is waning. Nonetheless, buyers remain in control unless there is a definitive close in either direction.
Resistance level to watch: $24k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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