Key Points:

  • According to the analyst, BTC must close over $22,692 in order to maintain its technical advance.

  • BTC is on the verge of losing its multi-week Higher Low (green) after rejecting the $23,400 resistance level.

  • Bitcoin held the trendline nicely on February 8, but the following day price was wicking lower.

As the king cryptocurrency struggles, a highly recognized crypto analyst believes Bitcoin (BTC) is on the verge of losing a critical support level.

According to the analyst, BTC must close over $22,692 in order to maintain its technical advance.

#BTC held the trendline well yesterday whereas today price is downside wicking below it

$BTC needs to Daily Close above the green Higher Low to keep the technical uptrend intact#Crypto #Bitcoin

— Rekt Capital (@rektcapital)    February 9, 2023   

As reported by Rek Capital, Bitcoin held the trendline nicely on February 8, but the following day price was wicking lower. To maintain the technical uptrend, BTC must close above the green Higher Low on a daily basis.

However, the trader believes it is too soon to give up hope, and Bitcoin might still rise back into its bull zone. In particular, he said that BTC is just on the verge of losing its multi-week Higher Low (green) after rejecting the $23,400 resistance level.

   

At this stage, BTC could still recover back into the green triangle and have this price action print as a downside wick. This Higher Low is the one to watch.

   

At the time of writing, Bitcoin is trading at $21,919

The trader also provides some insight into the psychology of cryptocurrency trading, in which dopamine is released in the brain following a successful trade, causing the desire to repeat the event. Try to resist this impulse.

   

Let the euphoria of the win die down. And allow enough time for your neurological chemistry to return to baseline.

   

Following this fact, the trader warns crypto-conscious people about the dangers of trading based on “fear of missing out” (FOMO).

   

If you FOMO on a green day… You won’t have enough ammo to FOMO on a red day. If you must FOMO – choose a red day.

   

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Thana

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