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Technical Analysis for BTCUSD for 14th February 2023

Bitcoin Under Pressure, BTC May Drop to as Low as $18k

Past Performance of BTC

The Bitcoin price is lower at spot rates, down five percent in the last trading week. From the daily chart, BTC remains within a bearish breakout formation, below the bull flag. On February 13, prices edged lower as the bar aligned with the lower BB, signaling broader weakness across the board. Presently, sellers remain in control, a preview that is valid as long as BTC is trading below $22.5k.

Bitcoin Technical Analysis

Sellers are in control as per the current price action. As aforementioned, traders can search for entries as long as prices are below $22.5k. The immediate support line lies at $21.5k and last week's lows. There will be more opportunities for traders should BTC prices slip below this line. In that eventuality, traders can double down, aligning with the bear bar of February 9 as they target $20k and $18k in the days ahead.

What to Expect from BTC

The path of least resistance is southwards. This development is primarily because of the deteriorating macro factors. Any dip below $21.5k may fast-track the sell-off that may see BTC dip to as low as $18k, the 78.6 percent Fibonacci retracement line of the November to February trade range.

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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