Technical Analysis for BTCUSD for 4th October 2022
Bitcoin Sideways Movement above $18k is Bullish, will BTC Start Q4 2022 Strongly?
Past Performance of BTC
A glance at the BTCUSDT daily chart reveals weakness. Even though buyers have been resisting liquidation and soaking in the strong waves of selling pressure, the lack of direction in the short-term places bears in control. As it is, traders may unload and trade in line with the dominant trend. However, the pace of the sell-off depends on the reaction at $18k. If buyers, on the other hand, have the upper hand, forcing prices above the current trade range, BTC may recover in upcoming sessions.
Bitcoin Technical Analysis
On October 3, prices edged higher, rejecting sellers of the weekend. Presently, the BTCUSDT price chart points to strength. The horizontal consolidation indicates waning downside momentum. Still, as there are higher highs relative to the lower BB, traders can wait, as mentioned earlier, for trend definition above $20k or $22.5k. If buyers succeed, defying the current pull-down, BTC may bounce to $25k or better in recovery. On the reverse side, sharp liquidation rejecting buyers of October 3 may be the sinking stone forcing BTC towards 2022 lows or worse.
What to Expect from BTC
BTC may either recover or dump to new multi-month lows depending on the breakout direction. Even so, the current formation indicates strength and reducing downside momentum. It will be confirmed if buyers break above $20k with rising trading volumes.
Resistance level to watch: $20k
Support level to watch: $18k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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