Technical Analysis for BTCUSD for 13th October 2022
Bitcoin Flat-lining near September Lows with Decreasing Volumes
Past Performance of BTC
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
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