#Bitcoin Recoils, BTC Might Drop to $25k in a Retest
Past Performance of Bitcoin
Bitcoin is trading lower at spot rates, contracting from recent peaks, and slowing after yesterday’s news. Fundamental factors appear to be capping the uptrend, forcing the coin lower, a retracement expected after strong gains. From the daily chart, BTC has support at February highs, and buyers need to break above the current consolidation to reassert their presence.
#Bitcoin Technical Analysis
The path of least resistance is northwards, reading from the daily chart. However, BTC is down, printing lower lows relative to the upper BB. Since the March 22 bar is bearish with relatively high trading volumes, it could signal the end of the recent swing high. Traders might look to exit their long as the chances of further retracements toward
25K look likely. Conservative traders waiting for gains above this week’s highs must wait for a bullish engulfing bar confirming March 17 and 19 bars to print before loading the dips, targeting 32k.
What to Expect from #BTC?
Bitcoin looks likely to edge lower today. Still, how today’s close will be will shape the medium term. Any confirming of yesterday’s losses below March 19 lows might fast-track the dump towards February highs in a retest.
Resistance level to watch out for: 28.8k
Support level to watch out for:25K
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is trading lower at spot rates, contracting from recent peaks, and slowing after yesterday’s news. Fundamental factors appear to be capping the uptrend, forcing the coin lower, a retracement expected after strong gains. From the daily chart, BTC has support at February highs, and buyers need to break above the current consolidation to reassert their presence.
#Bitcoin Technical Analysis
The path of least resistance is northwards, reading from the daily chart. However, BTC is down, printing lower lows relative to the upper BB. Since the March 22 bar is bearish with relatively high trading volumes, it could signal the end of the recent swing high. Traders might look to exit their long as the chances of further retracements toward
25K look likely. Conservative traders waiting for gains above this week’s highs must wait for a bullish engulfing bar confirming March 17 and 19 bars to print before loading the dips, targeting 32k.What to Expect from #BTC?
Bitcoin looks likely to edge lower today. Still, how today’s close will be will shape the medium term. Any confirming of yesterday’s losses below March 19 lows might fast-track the dump towards February highs in a retest.
Resistance level to watch out for: 28.8k
Support level to watch out for:
25KDisclaimer: Opinions expressed are not investment advice. Do your research.
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