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Technical Analysis for BTCUSD for 14th October 2022

Bitcoin Ripping Higher, BTC Targets $20k

Past Performance of BTC

Bitcoin prices are back trending inside the ascending channel set in motion in mid-September. BTC bulls appear strong following the recovery from new October 2022 lows at around $18.2k. Since yesterday's bar had high trading volumes versus the recent performance and closed in green, yesterday's trend continues today. Accordingly, risk-off, optimistic traders may find entries to accumulate in expectation of trend continuation above $20.5k in upcoming sessions.

Bitcoin Technical Analysis

The Bitcoin price formation in the daily chart is swinging to favor buyers, considering the sharp spike in trading volumes and a solid green bar in weeks. Besides the uptick in participation, the long lower wick of October 13 points to the rejection of lower prices and, thus, strong buyers. Accordingly, traders may find entries to load on dips, setting their targets at $20.5k. Nonetheless, this preview is only valid if BTC holds above $18.2k, that is, October 13 lows. Notice that BTCUSDT prices are still within a BB squeeze and broadly defined by the bearish engulfing bar of September 13. Therefore, any sell-off forcing prices below $18k may see BTC quickly plummet to new 2022 lows.

What to Expect from BTC

There is a shift in sentiment following yesterday's development. The above-average rise in trading volumes resulting in a wide-ranging bull bar bottoming up from October 2022 lows may be enough hints of a possible bottom. Still, it is after there is confirmation of yesterday's gains and BTC closes above $20.5k is when traders can double down, ramping up their longs.

Resistance level to watch: $20.5k

Support level to watch: $18k

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

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