Technical Analysis for BTCUSD for 13th October 2022
Bitcoin Flat-lining near September Lows with Decreasing Volumes
Past Performance of BTC
Bitcoin remains within a bearish formation and has broken out from the bear flag printed in late September. Even though the past day's trade range was narrow and prices steadied, sellers are still dominant. At spot rates, traders should closely watch how prices react at the $18.5k to $19k support zone, aware that any welcomed surge above $20.5k may form the base for a substantial leg up towards Q3 2022 highs.
Bitcoin Technical Analysis
Bitcoin prices are in a bear breakout formation with the immediate trend defined by the price action of mid -September 2022. Traders may continue looking for opportunities to short, targeting $18.5k. However, there could be a clearer trend if ETH breaks below September 2022 lows or surge above last week's highs. In both instances, there must be hints of trader participation for trend definition. If bears dominate and price action syncs with August 19 and September 13 bear bars, BTC may drop to register new 2022 lows in a deflating bear continuation pattern.
What to Expect from BTC
Trading volumes are relatively slow, pointing to trader apathy. As BTC prices trend in tight trade zones, traders may wait for clear breakouts before riding the emerging trend either in a refreshing recovery towards $22.5k or a dump to, possibly, below $17.5k.
Resistance level to watch: $20.5k
Support level to watch: $18.5k to $19k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.