Technical Analysis for BTCUSD for 14th June 2022
Bitcoin Freefalling, Bears Targeting 2017 Highs of $20k
Past Performance of BTC
The crypto and Bitcoin carnage is on, reading from the performance in the daily chart. Bitcoin is down double digits in the previous trading week and under a strong liquidation wave. In a bear breakout formation, bears have forced the coin to as low as $20.85k before the slight recovery to spot rates. At this pace, the likelihood of prices crashing back to $20k and retesting 2017 highs remain probable.
Bitcoin Technical Analysis
BTC prices are edging lower as bears step up. With the June 13 bear bar-defining trend, traders may find entries to dump on every attempt higher. Prices are banding along the lower BB as bears ride the wave. Since prices broke below the squeeze of early June and the drawdown has high trading volumes, bears can find liquidation on every retracement, as mentioned earlier, with targets at $20k in the short term. Thus far, there are attempts higher as per the development in the daily chart.
What to Expect from BTC
Prices are under immense selling pressure. In a bear breakout formation, BTC is over 65 percent from peaks. As sellers add to their position, prices may drop to as low as $20k in the short term.
Resistance level to watch: $26.6k
Support level to watch: $20k
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