Technical Analysis for BTCUSD for 12th September 2022
Bitcoin Bottoming Up, Rallies 9% and BTC Retained above $20.7k
Past Performance of BTC
Bitcoin's performance in the second half of last week was nothing short of impressive. At the start of the week, prices are stable, but the coin is up nine percent in the previous week of trading. Notably, BTC is within a bullish breakout formation surging above two critical resistance levels (now support) at $19.7k and $20.7k. As it is, buyers are on top of proceedings, and traders may look to align their entries with the conspicuous bull bar of September 9.
Bitcoin Technical Analysis
Bitcoin is within a bullish breakout formation, reading from the daily chart. Notably, the September 9 bull bar is wide-ranging and backed by high trading volumes, as observed in the second half of last week. As BTC bottoms up, aggressive traders can search for entries above $20.7k, expecting to ride the leg up towards $23.5k as buyers reverse the losses of August 19. Immediate gains above this bear bar would mark the resumption of bulls and possibly another rally towards $30k.
What to Expect from BTC
Buyers are confident following the September 9 bull bar. The bullish engulfing bar reversed losses for the better part of August. Even though there has been no solid follow-through, optimistic traders can take advantage of the opportunity to load the dips provided prices are above $20.7k.
Resistance level to watch: $23.5k
Support level to watch: $20.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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