Technical Analysis for BTCUSD for 11th October 2022
Bitcoin Slipping, BTC Bears May Force the Coin Below $19k
Past Performance of BTC
Bitcoin is fragile, and as a reflection of the whole state of the crypto market, traders are apprehensive. Trading volumes are beginning to take a hit. From the daily chart, BTC is down three percent on the last trading week and inching closer to $19k. Overall, sellers remain in control, and BTCUSDT price action is beating, in sync with the trend-defining bar of September 13. Accordingly, as per the present formation, traders can continue trading with the prevailing trend, unloading on every attempt higher but below $20.5k.
Bitcoin Technical Analysis
Presently, the path of least resistance is southwards, and sellers have a clear upper hand. As long as BTC's upsides are below $20.5k and last week's highs, every attempt higher would offer unloading opportunities for traders angling for $18.5k and later $17.5k. This preview aligns with the September 13 wide-ranging bear bar and that of August 19 candlesticks. These bars were conspicuously bearish and trend-continuing in nature, indicating intense liquidation and continuous grip by bears. On a more cautious approach, conservative traders can wait for how prices react at the $17.5k and $18.5k support zone. Further losses could lead to panic selling, pushing BTC below the primary support and registering new 2022 lows.
What to Expect from BTC
Bulls have been unable to break loose and continue to post more losses despite the general optimism in the crypto markets. The immediate resistance line is $20.5k, but if BTC slips below $19k, the odds of further liquidation below critical support levels will be amplified.
Resistance level to watch: $20.5k
Support level to watch: $19k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.