Technical Analysis for BTCUSD for 17th February 2022
Bitcoin in a Tight Trade Range, BTCUSDT Likely to Ease Past $45k
Past Performance of BTC
Bitcoin buyers have the upper hand when writing as per developments in the daily chart. Even though BTCUSDT price action is within a tight trade range, capped inside the February 15 bull bar, every low may offer entries for optimistic traders. Technically, BTC bulls may push above the $45k and $46.5k resistance zone towards $50k in the short term.
Bitcoin Technical Analysis
BTCUSDT prices are within a tight trade range when writing. However, as long as prices are within the February 15 high-volume and wide-ranging bull bar, aggressive traders may double down, targeting $46.5k—the upper limit of the immediate liquidation zone—and later, $50k as reiterated above.
Even still, the medium-term formation is highly dependent on how BTC bulls react at $46.5k. A high volume, a wide-ranging close above this mark may fast-track price expansion towards $50k and later $53k.
What to Expect of BTC
Bitcoin bulls are bottoming up after three lows of lower lows. Backed by strong fundamental factors and optimistic buyers, BTC prices could resume the early H2 2021 trend in the days to come. Ideally, if BTC clears $50k, the odds of bulls pushing above $60k would be elevated as FOMO sets in.
Resistance level to watch: $46.5k
Support level to watch: $40k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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