Technical Analysis for BTCUSD for 17th February 2023
Bitcoin Trading at a 6-Month High as Buyers Aim for $28.5k
Past Performance of BTC
Bitcoin prices are ripping higher, recently printing new Q1 2023 highs, per the formation in the daily chart. After fears that the coin has peaked in mid-February, the resurgence of the past two days has lighted up demand, rejuvenating buyers. As long as prices are trading above $23.5k, the uptrend is valid, and traders may look for entries on dips.
Bitcoin Technical Analysis
The path of least resistance is northwards, and BTC is retesting August 2022 highs. As it is, buyers can ramp up on every dip above $23.5k, expecting further gains toward critical reaction zones of 2022. Notice that, on February 16, prices retraced. However, since BTC is within the February 15 range of Wednesday, the trend is up and buyers are in a controlling position. At this pace, BTC may soar to May 2022 lows at around $28.5k.
What to Expect from BTC
Bulls are in control, and the trend has shifted back to green after the blip of February 14. As BTC bottoms up from the pits of 2022, the coin will likely continue to tear higher as long as prices are above $23.5k and February 2023 highs.
Resistance level to watch: $28.5k
Support level to watch: $23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.