Technical Analysis for BTCUSD for 1st September 2022
Bitcoin Consolidates inside a $1k Range, BTC Sellers in Charge
Past Performance of Bitcoin
It is a stalemate in the daily chart. Despite sellers being in a commanding position, Bitcoin is swinging around the $20k level. Per the candlestick arrangement in the daily chart, buyers are unyielding and continue to soak in selling pressure, rejecting attempts for lower lows. The immediate reaction lines remain at $20.7k on the upper end and $19.7k on the lower end.
Bitcoin Technical Analysis
BTC prices are in a downtrend, at least from a top-down analysis. However, at present, bulls are determined to reign in on sellers and sustain prices above the August 27 lows. Technically, the downtrend is defined, and every high could, from a momentum's perspective, offer entries for sellers expecting even lower prices in the short term. Because the trend is established, but prices are currently directionless, traders can wait for a clear trend definition above $21k or $19.5k. Losses below $19.5k and current consolidation may see BTC bottle towards $18.5k in a bear trend continuation formation.
What to Expect from BTC
Sellers are in charge, at least per the arrangement in the daily chart. Still, the failure of bears to follow through in recent days may embolden optimistic buyers. In that case, traders should watch out for how prices react within the lower and upper limits of the current range.
Resistance level to watch: $20.7k
Support level to watch: $19.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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