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Technical Analysis for BTCUSD for 13th September 2022

Bitcoin Rallies 13%, BTC Bulls Set Eyes on $23.5k

Past Performance of BTC

Bitcoin's superb performance continues at press time. The coin is up three in the past 24 hours and up an impressive 13 percent week to date. Technically, BTC is bottoming up, building up on gains posted last week. At this pace, the coin could easily reclaim critical reaction levels and shake off adamant bears as BTC eventually turns the corner.

Bitcoin Technical Analysis

Bitcoin traders are oozing with confidence and trading within a bullish breakout formation, reading from the performance in the daily chart. Since BTC prices are above the $20.7k level and the dynamic middle BB, or the 20-day moving average, traders may find loading opportunities, riding the wave up with targets at $23.5k, marking August 19 highs. Further gains may see BTC float to August 2022 highs at $25k in a bull trend continuation pattern from around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range.

What to Expect from BTC

Traders are upbeat, expecting the coin to post even more gains in the short to medium term. Since there has been a follow-through of September 9 gains, every retracement presents a loading opportunity for aggressive traders targeting $25k in the short term.

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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