Technical Analysis for BTCUSD for 13th July 2022
Bitcoin Recoils With Rising Volumes; BTC May Slide Below $19k
Past Performance of BTC
Bitcoin prices are down three percent in the last trading day and are under immense selling pressure. With every lower low registered, bulls' confidence continues to wane as the chance of BTC slumping lower to 2022 highs rise. Currently, the immediate support zone lies at $18k and $19k; if broken, prices could further capitulate.
Bitcoin Technical Analysis
Gains of the first week of July were with relatively low trading volumes, an indicator that the leg up was a fake-out and a bull flag. The current sell-off is with markedly high trading volumes pointing to strong participation, shifting momentum to favor sellers while pointing to exhausted bulls. Accordingly, aggressive sellers may find entries on every retracement higher towards the $20k level, targeting $18k. This preview will only shift once prices rise above $22k and $23k.
What to Expect from BTC
Bitcoin prices may likely dump below last week's lows as the tide changes for sellers. Rejection of lower prices may revive demand, slowing down aggressive sellers. In the immediate term, primary support lies between $18k and $19k.
Resistance level to watch: $22k
Support level to watch: $19k
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