#Bitcoin Volatile, Trend Bearish with Resistance at $22.8k
Past Performance of Bitcoin
Bitcoin is fragile at spot rates and may slump, registering even more losses in the days ahead. After yesterday's volatility, there was a spike in participation. At present rates, prices are down from the recent range meaning sellers are in control.
#Bitcoin Technical Analysis
The path of least resistance is southwards, and the coin is within a bear breakout formation. With the broader currency market lower, BTC may likely follow suit in the days ahead. Note that prices are range-bound, but yesterday's events favor sellers in the short term. Technically, any high below $22.8k offers an entry for sellers targeting $21.5k. This could change if there is a sharp expansion above the March 3 bear bar, reversing losses as buyers flow back as the primary bull trend resumes.
What to Expect from #BTC?
After gains from mid-December 2022, the uptrend might be over following losses last week. As aforementioned, traders can look to short on every attempt higher, targeting $21.5k, or lower, in the immediate term.
Resistance level to watch out for: $22.8k
Support level to watch out for: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is fragile at spot rates and may slump, registering even more losses in the days ahead. After yesterday's volatility, there was a spike in participation. At present rates, prices are down from the recent range meaning sellers are in control.
#Bitcoin Technical Analysis
The path of least resistance is southwards, and the coin is within a bear breakout formation. With the broader currency market lower, BTC may likely follow suit in the days ahead. Note that prices are range-bound, but yesterday's events favor sellers in the short term. Technically, any high below $22.8k offers an entry for sellers targeting $21.5k. This could change if there is a sharp expansion above the March 3 bear bar, reversing losses as buyers flow back as the primary bull trend resumes.
What to Expect from #BTC?
After gains from mid-December 2022, the uptrend might be over following losses last week. As aforementioned, traders can look to short on every attempt higher, targeting $21.5k, or lower, in the immediate term.
Resistance level to watch out for: $22.8k
Support level to watch out for: $21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
