Technical Analysis for BTCUSD for 6th October 2022
Bitcoin Buyers Optimistic above $20k, BTC Remains Fragile
Past Performance of BTC
BTC is firm but not yet out of the woods, reading from the candlestick arrangement in the daily chart. Buyers are optimistic, but the failure of bulls to build on recent gains on October 5 means the coin is still pinned within a bear breakout formation. Most importantly, BTCUSDT is within a narrow trade range, defined by the bear bar of September 13.
Bitcoin Technical Analysis
There are flashes of strength. However, traders are still cautious and unwilling to go long unless there are satisfying surges above immediate resistance levels. Overall, BTC buyers appear to be in control, at least in the short term. Still, only after prices establish themselves above $20k can traders accumulate with immediate targets at $22.5k. Even so, considering the formation in the daily chart and the rally of the better part of the last 72 hours, buyers stand a chance. Therefore, aggressive traders can ramp up in anticipation of more gains in coming sessions.
What to Expect from BTC
Bulls are confident, no doubt. After over ten months of lower lows, the bottom might be in. All the same, the trend favors sellers from a top-down preview. Accordingly, Bitcoin bulls need to reject any attempt for lower prices and float solidly above $20k if prices are to turn around. Any surge above $22.5k, away from the current consolidation, will be the perfect trigger for a moonshot towards $30k.
Resistance level to watch: $22.5k
Support level to watch: $19.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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