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Technical Analysis for BTCUSD for 7th October 2022

Bitcoin Under Pressure at $20k, BTC Bulls Fail to Confirm Gains

Past Performance of BTC

Bitcoin prices are stagnant at spot rates, bound around $20k but under significant selling pressure as per the formation in the daily chart. The immediate resistance line is around $22.5k, but, overly, Bitcoin remains in a bullish breakout pattern. Even though the uptrend remains, at least guided by the established trend of early this week, the prevailing sentiment is bearish primarily because of emerging fundamental factors in Europe.

Bitcoin Technical Analysis

Traders are confident, despite the failure of buyers of October 3 and 4, to conclusively flow back and reign on bears. Since BTC prices are above $19.7k and $20k, traders can still load the dips, targeting $22.5k as they trade the bullish breakout pattern established this week. Moreover, even if prices remain in the current consolidation, bulls will still be in control, at least in the short term, since prices are in range, trading within the October 3 and 4 bull bars—a net positive. Conservative traders can wait for a defined trend before committing, targeting $25k or $17.5k, depending on the breakout direction.

What to Expect from BTC

Bitcoin is on the ledge, and prices are at $20k, a psychological level and round number. In the coming days, traders should watch if prices break out above $22.5k or $18k, establishing a solid trend that they can ride on toward their targets.

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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