Technical Analysis for BTCUSD for 16th February 2023
Bitcoin Emphatically Reverses Losses, BTC Roars Above $24k
Past Performance of BTC
Bitcoin prices are up 16 percent from last week's lows, reversing losses of February 9, and, most importantly, trending in a new Q1 2023 high. Based on this formation, it is clear that the trend has shifted and buyers have the upper hand. With the coin above $24k and roaring with expanding volumes, traders can look to double down, targeting $25k or better in the days ahead.
Bitcoin Technical Analysis
Following gains on February 15, building on the rally registered early this month; Bitcoin bulls are firm and in control. Notably, the reversal of February 9 is a net positive for buyers. Since BTC is above $24k, it is clear that buyers are back in trend, moving in motion and syncing with buyers from mid-January 2023. This preview is valid from an effort versus result perspective, an endorsement of buyers who emphatically reversed losses of February 9. As it is, conservative traders can load the dips after yesterday's decisive break above the consolidation of early February at $24k.
What to Expect from BTC
Prices are back to green after the breakout above consolidation. Notably, the push above $24k and February highs was with high participation levels signaling interest across the board, a net positive.
Resistance level to watch: $25k
Support level to watch: $23k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.