Technical Analysis for BTCUSD for 14th July 2022
Bitcoin in a $3k Zone as BTC Stabilizes, Adding 3%
Past Performance of BTC
Bitcoin prices are wavy when writing but stable above last week's lows despite macro factors that saw USD rapidly strengthen on July 13. With steady prices and Bitcoin bulls soaking in strong selling pressure, buyers may stand a chance. So far, BTC prices are above the $18k and $19k primary support, albeit with high volatility.
Bitcoin Technical Analysis
From the Bitcoin technical analysis in the daily chart, the main support lies at $18.8k. If prices recover from this line, there will be a triple retest, indicating strong support and an anchor for possible higher highs. Before then, traders can wait for a clear trend definition. Losses below last week's low may see BTC crater towards $17.6k. Conversely, a bullish engulfing bar reversing July 12 bear bar may draw demand, lifting BTC back to $22k.
What to Expect from BTC
Prices are at a critical reaction level at spot rates. Depending on breakout directions, losses below $18.8k may heap more pressure on bulls, possibly forcing prices back to 2022 lows at $17.6k.
Resistance level to watch: $22k
Support level to watch: $18.8k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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