Technical Analysis for BTCUSD for 22nd February 2023
Bitcoin Drops 4% From Key Resistance, Will BTC Hold Above $23.5k?
Past Performance of BTC
Bitcoin is roughly down five percent from this week’s highs, below $25k, and weaker than last week’s performance. Although the trend remains bullish, how prices will react in the coming few days is yet to be seen. Even so, as long as prices are above $23.5k and the $24k support zone, buyers stand a chance.
Bitcoin Technical Analysis
The path of least resistance is northwards. Prices have been consolidating in the past few days, trending within the $23.5k and $25k zone. Technically, traders can wait for gains above $25k to load the breakout, targeting $28.5k. Before then, the contraction of prices to spot rates and the failure of bulls to push prices above the immediate resistance level is a concern. Considering the state of affairs, swing traders may take their profits and wait for the reaction at $23.5k. Losses below this support with rising volumes will swing to favor sellers targeting $21.5k in the short term.
What to Expect from BTC
Traders are upbeat at spot rates. After a solid performance, the cool-off was expected. How prices react at $25k and $23.5k will shape the short-term price trajectory of the coin.
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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