Technical Analysis for BTCUSD for 24th February 2023
Bitcoin Traders Appear Undecided as Prices Trickle Lower
Past Performance of BTC
Bitcoin Technical Analysis
Presently, the BTC uptrend is weak. Traders are undecided, resulting in an accumulation. Still, for a clear trend, prices must either reverse losses and surge above $25k or drop below $23.5k and the middle BB. Because BTC prices are inside the bullish engulfing bar of February 15, buyers appear to have the upper hand. Even so, this will quickly change should there be a high volume contraction below $23.5k. In that case, BTC may retest $21.5k, an opportunity for aggressive traders to load on every attempt higher.
What to Expect from BTC
Prices are lower, but the uptrend remains. Traders can wait until there is a definitive close either above or below the current limits. Any breakout above $25k will confirm buyers of February 15, validating the recent uptrend and setting the pace for the next leg up towards $28.5k or better.
Resistance level to watch: $25k
Support level to watch: $23.5k
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