Technical Analysis for BTCUSD for 15th February 2023
Bitcoin Recovers, Trend Remains Bearish with Support at $22.5k
Past Performance of BTC
Bitcoin is firm when writing, springing higher from the $22.5k support line. BTC is up two percent in the last 24 hours, steady, and likely to build on yesterday's gains. Even though prices are inside the bear bar of February 9, gains are with rising volumes, pointing to participation, a net positive. As we advance, traders can search to fade the primary bearish trend, especially if today closes as a solid bar.
Bitcoin Technical Analysis
BTC is inching higher. Volumes are relatively firm, considering the lull of the past few trading days. However, volumes are comparatively lower than those of February 9. In the days ahead, conservative traders can wait for a clean break above $23k, reversing the losses of the mid-last week. Notice that bears are still in control from an effort versus result perspective, especially considering buyers have yet to recover losses. February 9 will define the short-term going forward. Losses below $22.5k with rising volumes mirroring last week may trigger a sell-off towards $18k in a bear continuation formation.
What to Expect from BTC
Considering the trend of the past few months, buyers may have the lead. Prices are moving inside the bull range from November lows to February highs. Nonetheless, BTC remains in a bearish breakout formation with caps at $23. Bears have the upper hand if buyers break above this line, reversing losses.
Resistance level to watch: $23k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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