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Technical Analysis for BTCUSD for 17th March 2023

Bitcoin Uptrend Continues, BTC Floats Above $26k

Past Performance of BTC

Bitcoin prices are firm at spot rates and trading volumes are relatively high, supporting the uptrend.  Following today’s gains, bulls successfully pushed above February highs and broke from the consolidation, trading above $25.3k. This is an assurance for traders and sets the foundation for another leg up towards $28k or better in the days ahead.

Bitcoin Technical Analysis

The path of least resistance is northwards. Bulls are in a commanding position. What’s more? trading volumes, and thus, momentum is high. Subsequently, traders can look to buy the dips, targeting immediate highs at $26.3k or better in the days ahead. As it is, prices must always continue to steer clear of February highs at $25k for the bullish breakout of this week to be valid. In the meantime, the immediate target can be at $28k and later $30k. On the reverse side, if there are pullbacks, it should be inside the bull bars of March 13 and 14, ideally above $22k. Further losses below this support and February lows will invalidate this bullish preview.

What to Expect from BTC

BTC is firm and continues to extend this week’s impressive gains. The coin rose almost 27% to spot rates, reversing losses of March 3 and 9.With prices above the recent range-bound, there are opportunities for aggressive buyers to load up on dips in the short to near term.

Resistance level to watch: $26.3k

Support level to watch: $25.3k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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