Technical Analysis for BTCUSD for 24th February 2022
Bitcoin Dumps, BTCUSDT Bears Set Sight on $30k
Past Performance of BTC
After earlier hints of strength on February 22 and 23, the change in fortune in early February 24 is dashing for optimistic Bitcoin bulls who expected a recovery above the $40k round number. Currently, the BTC price is under immense selling pressure, retesting January 2022 lows after sharp losses in the Asian sessions. At spot rates, BTC could slide to register new 2022 lows below $33k.
Bitcoin Technical Analysis
The break below the $36.5k support, now resistance, indicates weakness and the presence of sellers. As a result, every pullback towards $36.5k may offer entries for aggressive sellers angling for $30k in the immediate term, aligning bears set in motion from mid-November 2021. BTC bear bars are already beginning to align with the lower BB, with a sharp spike in trading volumes pointing to sellers. The reversal of February 21 and 22 double bar bullish formation is a strong indicator of bear pressure. Therefore, with every dip, BTC could slump towards $30k—a multi-month support line last retested in early H2 2021.
What to Expect of BTC
Bears have the upper hand at the current setup, price action formation in the daily chart reveals. Despite fundamental factors and increasing adoption, optimistic bulls can't plug the bleed, forcing prices even lower.
Resistance level to watch: $36.5k
Support level to watch: $30k
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