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Technical Analysis for BTCUSD for 10th February 2023

Bitcoin Breaks Out Below the Bull Flag, Back to $21.5k?

Past Performance of BTC

Bitcoin prices fell on February 9, candlestick arrangement reveals. The coin is down three percent in the last trading day and eight percent in the previous week. The trend is shifting, favoring sellers after a strong performance from mid-December 2022.

Bitcoin Technical Analysis

Bitcoin prices fell yesterday, dropping below the middle BB and the support line of the bull flag. Since the breakout is with rising trading volumes, traders might find entries to short the emerging trend. Every high towards the former support line at $22.5k presents trading opportunities for traders to short. The first bear target, emerging from this formation, will be previous resistance, now support at $21.5k. Further losses may see BTC slip to the 50 percent Fibonacci retracement level of the December to February peaks trade range at $20k.

What to Expect from BTC

The cool-off was expected after the past few weeks' surge. The path of least resistance, following the breakout, is southwards. Unless otherwise there is a strong surge, reversing yesterday's losses, traders can set their targets at $1.5k in the near term.

Resistance level to watch: $22.5k

Support level to watch: $21.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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