#Bitcoin’s Upside Momentum Fades, Will BTC Crash Below $23.5k?
Past Performance of Bitcoin
Bitcoin is trading lower at spot rates, shrinking by four percent from recent highs. Technically, buyers are in charge, but the failure of prices to edge above
25K is a concern. As it is, traders can watch out for how prices react at support, aware that any dip below 23.5k will cancel out the bullish outlook in the short term.
#Bitcoin Technical Analysis
BTC prices are trading above 24k as sellers pressed on. From the daily chart, traders can look to sync with the primary trend, selling on dips with targets at 21.5k in the short term. Presently, BTC is below25K but is encouragingly inside the bull bar of February 15. This bullish engulfing bar anchors the short-term trend from an effort versus result perspective. Any loss below 23.5k and the middle BB would cancel the bullish preview, strike out buyers of February 15, and set the next leg down toward 21.5k in a correction.
What to Expect from #BTC?
Overall, Bitcoin bulls are upbeat. However, this could change, especially if today closes as bearish below 23.5k. In the near term, the zone between 21.5k and25K is critical and would shape the coin going forward.
Resistance level to watch out for:25K
Support level to watch out for: 21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is trading lower at spot rates, shrinking by four percent from recent highs. Technically, buyers are in charge, but the failure of prices to edge above
25K is a concern. As it is, traders can watch out for how prices react at support, aware that any dip below 23.5k will cancel out the bullish outlook in the short term.#Bitcoin Technical Analysis
BTC prices are trading above 24k as sellers pressed on. From the daily chart, traders can look to sync with the primary trend, selling on dips with targets at 21.5k in the short term. Presently, BTC is below
25K but is encouragingly inside the bull bar of February 15. This bullish engulfing bar anchors the short-term trend from an effort versus result perspective. Any loss below 23.5k and the middle BB would cancel the bullish preview, strike out buyers of February 15, and set the next leg down toward 21.5k in a correction.What to Expect from #BTC?
Overall, Bitcoin bulls are upbeat. However, this could change, especially if today closes as bearish below 23.5k. In the near term, the zone between 21.5k and
25K is critical and would shape the coin going forward.Resistance level to watch out for:
25KSupport level to watch out for: 21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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