Technical Analysis for BTCUSD for 25th February 2022
Bitcoin Snaps Back to Trend as BTC Bulls Re-Target $40k
Past Performance of BTC
The BTC price is highly volatile when writing. After previously caving to as low as $34.3k in the early Asian session of February 24, the strong recovery in the subsequent sessions was highly welcomed, thrusting prices back to the current trade range. The pullback was with relatively high trading volumes suggesting demand and the support of buyers of February 22. However, BTCUSDT formation is still shaky, capped, and in a horizontal trade range.
Bitcoin Technical Analysis
BTCUSDT is back above $36.5k but below $40k, finding support from the 78.6 percent Fibonacci retracement level of the late January 2022 and early February 2022 trade range. At spot rates and considering the sharp spike in trading volumes posted on February 24, risk-off traders may find loading opportunities on dips above $36.5k. This formation aligns with the February 21 and 22 double bar bullish pattern, signaling strength. On the other hand, there could be clearer opportunities above $40k and the 20-day moving average, pointing to stability and the bottoming up of BTC prices after the 52 percent plunge from mid-November 2021.
What to Expect of BTC
Bitcoin prices are highly dependent on fundamental factors. If there is war, BTC and cryptocurrencies would likely print higher, drawing capital as a store-of-value asset. It is a move that could pump BTC above $40k and $45k.
Resistance level to watch: $40k
Support level to watch: $35k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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