Technical Analysis for BTCUSD for 23rd February 2023
Bitcoin's Upside Momentum Fades, Will BTC Crash Below $23.5k?
Past Performance of BTC
Bitcoin Technical Analysis
BTC prices are trading above $24k as sellers pressed on. From the daily chart, traders can look to sync with the primary trend, selling on dips with targets at $21.5k in the short term. Presently, BTC is below $25k but is encouragingly inside the bull bar of February 15. This bullish engulfing bar anchors the short-term trend from an effort versus result perspective. Any loss below $23.5k and the middle BB would cancel the bullish preview, strike out buyers of February 15, and set the next leg down toward $21.5k in a correction.
What to Expect from BTC
Overall, Bitcoin bulls are upbeat. However, this could change, especially if today closes as bearish below $23.5k. In the near term, the zone between $21.5k and $25k is critical and would shape the coin going forward.
Resistance level to watch: $25k
Support level to watch: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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