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Technical Analysis for BTCUSD for 10th March 2023

Bitcoin Free Falling as Sellers Dump, Next Stop $18.3k?

Past Performance of BTC

Bitcoin is down 11% in the past week of trading and is trailing the USD by 8% in the last day. Sellers are squarely in control at spot rates, and the coin might drop even lower in subsequent sessions. With the immediate trend defined and sellers within a bear breakout formation, every attempt higher towards the $21.5k resistance zone presents a liquidation opportunity for aggressive traders angling for even more drawdown in days ahead.

Bitcoin Technical Analysis

BTC is melting, dropping below the immediate resistance level as sellers press on. After the initial breakout of early March 3, there has been confirmation with yesterday's bear bar forcing the coin below February low at $21.5k with expanding volumes. At this pace, every high will be a liquidation opportunity for aggressive traders with eyes on $19.7k or lower. The recent bars ride the lower BB, suggesting a strong selling momentum. Additionally, yesterday's bar was bearish engulfing and slicing through $21.5k with increasing volumes. This points to participation from traders.

What to Expect from BTC

Traders expect more losses in the short term, looking at the formation in the daily chart. As long as prices are below $21.5k, sellers are in control. The immediate term target remains $18.3k, coinciding with the 78.6% Fibonacci retracement line of the December to February 2023 trade range.

Resistance level to watch: $21.5k

Support level to watch: $18.3k

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

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