#Bitcoin Sideways Movement, BTC Is Bearish Below $22.5k
Past Performance of Bitcoin
Bitcoin is down from recent highs and steady when writing. From the daily chart, prices remain in a tight consolidation, marking the general state of affairs over the weekend. As it is, the failure of buyers to reverse losses and push higher indicates that bears are still in control. Most importantly for traders, the February 9 bear breakout bar validates the short-term trend.
#Bitcoin Technical Analysis
BTC is within a bear breakout formation following last week's slip below the bull flag and support line, now resistance, at 22.5k. Though there are higher highs relative to the lower BB, the February 9 bearish engulfing bar sets the pace. From an effort versus result perspective, traders can still find shorting opportunities below the resistance line at 22.5k. However, losses below last week's lows at around 21.5k may see BTC drop toward 20k in a bear-trend continuation formation.
What to Expect from #BTC?
Traders remain confident from a top-down preview. In the near term, how prices react at 22.5k on the upper end and 21.5k would shape BTC going forward. Technically, Bitcoin sellers are in a commanding position, and prices may drop to new February lows in sessions ahead.
Resistance level to watch out for: 22.5k
Support level to watch out for: 21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is down from recent highs and steady when writing. From the daily chart, prices remain in a tight consolidation, marking the general state of affairs over the weekend. As it is, the failure of buyers to reverse losses and push higher indicates that bears are still in control. Most importantly for traders, the February 9 bear breakout bar validates the short-term trend.
#Bitcoin Technical Analysis
BTC is within a bear breakout formation following last week's slip below the bull flag and support line, now resistance, at 22.5k. Though there are higher highs relative to the lower BB, the February 9 bearish engulfing bar sets the pace. From an effort versus result perspective, traders can still find shorting opportunities below the resistance line at 22.5k. However, losses below last week's lows at around 21.5k may see BTC drop toward 20k in a bear-trend continuation formation.
What to Expect from #BTC?
Traders remain confident from a top-down preview. In the near term, how prices react at 22.5k on the upper end and 21.5k would shape BTC going forward. Technically, Bitcoin sellers are in a commanding position, and prices may drop to new February lows in sessions ahead.
Resistance level to watch out for: 22.5k
Support level to watch out for: 21.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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