Technical Analysis for BTCUSD for 12th July 2022
Bitcoin Printing Lower, BTC Prices Rejected from $22k
Past Performance of BTC
The Bitcoin price is stable when writing, dropping as bulls have failed to push prices above immediate critical liquidation levels. From the daily chart, there is a three-bar formation pointing to weakness in the uptrend even though bulls appear upbeat. The short-term support line is at $20k, while buyers expect trend continuation if prices soar above $22k.
Bitcoin Technical Analysis
Buyers are confident of a recovery. Even so, their expectation isn't in line with the formation in the daily chart. As long as BTC is below $22k and $23k, bears are in control from a top-down analysis. If BTC prices drop below $20k, last week's surge towards $22k would be canceled as the three-bar bear formation pattern of July 7 to 10 will be validated. In that case, the odds of BTC crashing to $18.8k and later $17.6k in a bear continuation will be high. Conversely, any unexpected surge above last week's highs would solidify the uptrend, paving the wave for another leg up towards $28k or better.
What to Expect from BTC
Bears are hard to shake off, reading from the development in the daily chart. Currently, prices are trending within a tight trade range with resistance at $22k, at around last week's highs.
Resistance level to watch: $22k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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