Technical Analysis for BTCUSD for 15th February 2022
Bitcoin Bulls Revival, Prices Recovering from $42k
Past Performance of BTC
The Bitcoin price is steady at the time of writing, as per the performance in the BTCUSDT daily chart. Technically, BTC bulls have the upper in the short-term. The February 4 bull bar continues to define the short-to-medium term price action. Based on the current formation, aggressive traders may align with the early February 2022 trend, buying the dip and targeting 2022 highs of around $48k.
Bitcoin Technical Analysis
Overall, Bitcoin bulls are upbeat. The inability of bears to add to their shorts and blast below the primary support at $40k is positive for holders. Currently, provided prices are trending within or above the February 4 bull body, every low may offer an opportunity for aggressive Bitcoin traders to double down, targeting the immediate resistance at $45k. BTCUSDT is trading within a bullish breakout pattern evident in the daily chart, firm above the dynamic support line defined by the 20-day moving average with lighter trading volumes. Going forward, a complete reversal of the three-bar reversal pattern from around $45k may be the impetus for a welcomed leg-up towards $48k and $50k in the days to come.
What to Expect of BTC
Favorable fundamental factors continue to pump optimistic bulls. However, it will be until after there is a quick, high volume close above $45k-$46.5k liquidation line when BTCUSDT price action will be defined as a new trend emerges.
Resistance level to watch: $45k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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