Technical Analysis for BTCUSD for 21st February 2023
Bitcoin Uptrend Valid, Liquidation Line at $25k
Past Performance of BTC
Bitcoin prices are holding on, firm, and near last week's highs when writing. There must be a sharp close above $25k for the uptrend to be sustained. On the lower end, support lies at $23.5k. As it is, traders can search for longs on pullback above immediate support lines. More gains above last week's highs would reassure buyers, possibly building the base for the next leg up.
Bitcoin Technical Analysis
BTC is in consolidation. The surge of February 20 reversed losses, reassuring bulls that the uptrend is valid. Even so, there could be more opportunities above $25k. If the breakout above the immediate liquidation level is with rising volumes, BTC may float to $28.5k in continuation of February 15 gains. On a more cautious outlook, any slip below the $24k and $23.5k support level will disqualify the bullish preview, especially if the dump is with expanding volumes.
What to Expect from BTC
The trend is bullish, which will remain as long as BTC is inside the bull bar of February 15. Technically, traders can look to double down on dips, syncing with the primary trend as they expect more gains in the sessions ahead.
Resistance level to watch: $25k
Support level to watch: $23.5k
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.