#Bitcoin Is Weak, Could Slide Below $22.5k As Bears Press On
Past Performance of Bitcoin
Bitcoin prices remain in a tight trade range, around the $23.5k support line. There are signs of weakness, but that needs to be confirmed with a sharp drop below $23k and even $22.5k with rising volumes. From the daily chart, buyers are in control. However, for buy trend continuation, there must be gains in line with February 26 gains, affirming strength.
#Bitcoin Technical Analysis
From the daily chart, buyers are in control from a top-down preview. All the same, after an impressive performance in the past few weeks, the uptrend is fizzling. As prices oscillate inside the $23.5k and $24k zone, buyers must push prices higher and confirm the strength posted over the weekend. If not, any slip below $23k would signal weakness, an opportunity for traders to find entries on every attempt higher, selling with targets at $21.5k. This preview will only change if there are gains above $25k with rising volumes, invalidating the bearish attempt of the last week of February.
What to Expect from #BTC?
Traders can wait on the sidelines until there is a clear trend definition. The immediate resistance is around $25k, while support is at $23.5k. Any drop below $22.5k and last week's lows may trigger a sell-off, pushing the coin lower.
Resistance level to watch out for: $25k
Support level to watch out for: $23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices remain in a tight trade range, around the $23.5k support line. There are signs of weakness, but that needs to be confirmed with a sharp drop below $23k and even $22.5k with rising volumes. From the daily chart, buyers are in control. However, for buy trend continuation, there must be gains in line with February 26 gains, affirming strength.
#Bitcoin Technical Analysis
From the daily chart, buyers are in control from a top-down preview. All the same, after an impressive performance in the past few weeks, the uptrend is fizzling. As prices oscillate inside the $23.5k and $24k zone, buyers must push prices higher and confirm the strength posted over the weekend. If not, any slip below $23k would signal weakness, an opportunity for traders to find entries on every attempt higher, selling with targets at $21.5k. This preview will only change if there are gains above $25k with rising volumes, invalidating the bearish attempt of the last week of February.
What to Expect from #BTC?
Traders can wait on the sidelines until there is a clear trend definition. The immediate resistance is around $25k, while support is at $23.5k. Any drop below $22.5k and last week's lows may trigger a sell-off, pushing the coin lower.
Resistance level to watch out for: $25k
Support level to watch out for: $23.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
