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Technical Analysis for BTCUSD for 12th October 2022

Bitcoin Sellers Press on, Eyeing $18.5k

Past Performance of BTC

Bitcoin price action ticks in favor of sellers. Amid highly fragile and uncertain market conditions, BTC buyers cannot reverse the prevailing bear trend. Subsequently, aggressive traders can find entries to ride the current trend, unloading on every attempt higher, with targets at immediate multi-week support lines spread between $17.5k and $19k.

Bitcoin Technical Analysis

The BTC price chart points to weakness and bears that have been pushing Bitcoin bulls to the edge. From the BTCUSDT arrangement in the daily chart, prices have broken below a rising (minor) channel, the bear flag, pointing to strong waves of selling pressure set in motion by the bearish engulfing bar of September 13. 

Therefore, if past trends describe future formations, BTC may likely retest September 2022 lows at around $18k and $18.5k. Subsequently, as long as prices are below $20.5k and October 2022 highs, BTC could continue dropping in upcoming sessions, further dimming hopes of revival for optimistic traders.

Following recent losses, the short-term trend has been defined. As such, traders can redouble their liquidation efforts, targeting $18.5k in the immediate term.

What to Expect from BTC

BTC bears are in control, and any attempt for higher highs has been quashed. In light of this development, the immediate trend will be southwards unless there is an unexpected bullish engulfing bar driving price above $20k with rising trading volumes.

Resistance level to watch: $20.5k

Support level to watch: $18.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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