This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 24th February 2022

Bitcoin Dumps, BTCUSDT Bears Set Sight on $30k



Sling TV, which has over 2.56 million subscribers, now accepts Bitcoin as a payment method.


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


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020