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 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
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