Technical Analysis for BTCUSD for 13th February 2023
Bitcoin Sideways Movement, BTC is Bearish Below $22.5k
Past Performance of BTC
Bitcoin Technical Analysis
BTC is within a bear breakout formation following last week's slip below the bull flag and support line, now resistance, at $22.5k. Though there are higher highs relative to the lower BB, the February 9 bearish engulfing bar sets the pace. From an effort versus result perspective, traders can still find shorting opportunities below the resistance line at $22.5k. However, losses below last week's lows at around $21.5k may see BTC drop toward $20k in a bear-trend continuation formation.
What to Expect from BTC
Traders remain confident from a top-down preview. In the near term, how prices react at $22.5k on the upper end and $21.5k would shape BTC going forward. Technically, Bitcoin sellers are in a commanding position, and prices may drop to new February lows in sessions ahead.
Resistance level to watch: $22.5k
Support level to watch: $21.5k
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