Technical Analysis for BTCUSD for 8th September 2022
Bitcoin Bulls Hold On, Will BTC Break above $19.7k?
Past Performance of Bitcoin
Bitcoin prices held firm on September 7, rejecting the bears of Tuesday, and bouncing higher by yesterday's close. Technically, BTC remains within a bear breakout formation per the arrangement in the daily chart. Therefore, while there is optimism, traders may look for opportunities to unload on attempts higher, provided prices are below $19.7k.
Bitcoin Technical Analysis
The September 7 bar closed with a long lower wick pointing to resilience and rejection of lower prices. Even though prices floated higher, the coin, as mentioned above, is still within a bear breakout formation and the immediate resistance level is at $19.7k. Accordingly, aggressive traders can seek to align with the primary trend, unloading on any pullback with targets at $18.5k and later $17.5k. However, if BTC bulls build on September 7 bar and reverse from around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range it is currently bound on, the coin may edge higher above $20.7k. Still, it will be until there is a strong spike above $20.7k that buyers may find relief.
What to Expect from BTC
The primary trend is defined as southwards. Nonetheless, the September 6 bar may turn out to be a climax bar marking the end of the recent BTC bear leg if there is a refreshing expansion not only above $19.7k but also above $20.7k.
Resistance level to watch: $19.7k
Support level to watch: $17.5k
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