Technical Analysis for BTCUSD for 13th June 2022
Bitcoin Breaks Below Critical Support, Path to $20k?
Past Performance of BTC
The Bitcoin price crashed on June 12, forcing prices lower in a bear trend continuation pattern as visible in the daily chart. At spot rates, BTC is down roughly 50 percent down from April 2022 highs, and sellers dominate. Currently, BTC is down five percent versus the USDT, down 17 percent in the past trading week.
Bitcoin Technical Analysis
Traders have their cards close and exiting their positions. With bulls pulverized at spot rates, traders are fearful and this is bearish for Bitcoin. There were hints of strength in late NY sessions on June 12 but the drawdown on early June 13 forced prices lower. With prices trending below the $28.7k previous support-turned-resistance, every high offers entries for sellers to liquidate with targets at $24k in the short-term and $20k in the near term. Notably, the sell-off is with high momentum as bear bars are aligned along the lower BB, signaling high trader participation. On a more positive note, there could be a chance for bulls if prices rise above the $29k level, ideally with rising trading volumes.
What to Expect from BTC
BTC prices are free-falling at spot rates, trending below last week’s trade range and with high selling momentum. In a bear breakout formation, BTC could likely drop to $24k--or worse in the medium term.
Resistance level to watch: $28.7k
Support level to watch: $24k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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