Technical Analysis for BTCUSD for 13th February 2023
Bitcoin Sideways Movement, BTC is Bearish Below $22.5k
Past Performance of BTC
Bitcoin is down from recent highs and steady when writing. From the daily chart, prices remain in a tight consolidation, marking the general state of affairs over the weekend. As it is, the failure of buyers to reverse losses and push higher indicates that bears are still in control. Most importantly for traders, the February 9 bear breakout bar validates the short-term trend.
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
Disclaimer: Opinions expressed are not investment advice. Do your research.
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