Technical Analysis for BTCUSD for 14th February 2022
Bitcoin Stabilizes above $40k amid Increasing BTC Adoption
Past Performance of BTC
Bitcoin's fundamentals are solid considering the increasing receptiveness amongst multi-billion traditional firms. On February 14, BTCUSDT prices were firm above $40k amid intense selling pressure of the past four days reading from the coin's candlestick arrangement in the daily chart. Technically, BTC bulls have the upper hand above $40k despite headwinds.
Bitcoin Technical Analysis
From the performance in the daily chart, sellers are yet to clear below $40k and are within the price zone set by the February 4 bull bar. Based on this, every low above $40k within the February bull bar presents loading opportunities for traders angling for a retest of $45k and $46.5k, and further rally towards the $50k psychological level in a buy trend continuation. Supporting this preview are the relatively light participation levels behind the lower lows from February 10. This preview is bullish from an effort-versus-result perspective, provided prices are above $40k and February 4 lows. A firm break below the psychological support, on the other hand, could see BTC disintegrate possibly back to $35k--or worse.
What to Expect of BTC
BTC prices are relatively solid and may unwind losses of the past four days. Aforementioned, aggressive traders may load the dip above $40k, targeting $45k and later $50k in the days ahead.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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