This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

Technical Analysis for BTCUSD for 14th September 2022

Bitcoin Flash Crashed from $22.7k, Dashing BTC Bulls' Hopes



Past Performance of BTC

Bitcoin prices fell yesterday, dropping from around $22.7k to below $20.7k as prices dumped hard ahead of major upgrades on key networks in the next few days. Technically, BTC is back within last week's trade range, sinking below $20.7k support. As it is, there is a risk of BTC slumping back and reversing losses of September 9 to below $18.5k in a bear continuation pattern.


Bitcoin Technical Analysis

The drop of BTC prices on September 13 meant there is a double bar formation signaling bear resumption. Specifically, yesterday's bar is wide-ranging and engulfing, with relatively high trading volumes pointing to bear participation. Since BTC is back within last week's trade range of between $19.7k and $20.7k, traders can wait for trend formation. The odds of BTC posting more losses in line with yesterday's bar will increase if prices are kept below $20.7k. A rebound above $21k may indicate that the September 13 bar completed the retest, and BTC could recover. If not, more profound losses below $19.7k will nullify this preview, swinging price action to the bearish territory.


What to Expect from BTC

Technically, sellers are in control from a top-down preview. This was confirmed by the failure of bulls to sustain prices above $20.7k. The dump on September 13 could trigger the continuation of the second half of the August bear drive. Being on the safe side, BTC bulls have a chance once the price clears August 2022 highs.


Resistance level to watch: $22.7k

Support level to watch: $19.7k


Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020