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Technical Analysis for BTCUSD for 9th February 2023

Bitcoin Consolidates inside a $1.5k Range, Bulls Retain Control

Past Performance of BTC

Bitcoin prices are volatile at spot rates, reading from the performance in the daily chart. Prices edged lower yesterday, only for bullish pressure to develop during the New York session. Overall, buyers stand a chance, provided prices are inside the bull flag. In the days ahead, traders can watch how prices react either above $24k or below $22.5k support.

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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