Technical Analysis for BTCUSD for 14th October 2022
Bitcoin Ripping Higher, BTC Targets $20k
Past Performance of BTC
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.
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.