Technical Analysis for BTCUSD for 9th March 2023
Bitcoin Not Out of the Woods, BTC Sell-Off Continues
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance, at least in the short term, remains bearish. This preview holds, provided prices are below $22.8k, and bars are banding along the lower BB. This signals strong selling momentum. If bears double down, the sell-off would likely continue. In this case, bears can set their target at February 2023 lows. This is the base of the bull flag that, if breached with expanding volumes, may trigger even more sell-off towards December 2022 lows.
What to Expect from BTC
Buyers are confident, and the uptrend is valid from a top-down preview. But, as aforementioned, bulls must reject any attempt lower below $21.5k. Strong rejections of the current bear run with expanding volumes and a wide-ranging bull bar could see BTC resume the uptrend towards $25k.
Resistance level to watch: $22.8k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.