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Technical Analysis for BTCUSD for 15th June 2022

Bitcoin Strong Selloff, BTC on the Path to $20k

Past Performance of BTC

Bitcoin prices are still fragile despite the slowdown on June 14. Currently, BTC is down eight percent against the firm USDT in the last trading day. Although traders are calling in bottoms, the odds of BTC dumping towards $20k, or worse, in a bear trend continuation pattern remain high. Technically, sellers are in command, and prices are under immense bear pressure, reading from general trader sentiment and candlestick arrangement.

Bitcoin Technical Analysis

The path of least resistance is defined and is southwards at spot rates. Notably, the June 14 bar closed below the lower BB. How prices react in the short term could indicate undervaluation, which is positive for bulls if BTC bounces higher. A recovery and close above $24k would be massive for buyers, reviving demand and a push higher in a welcomed bounce. On another view, the close of June 14 bar below the middle BB means the selling pressure and downward momentum is strong. This prognosis will be accurate if prices fall today. In that case, sellers can ride the wave, targeting $20k and even $18k in the immediate term.

What to Expect from BTC

Bitcoin bulls have been pummeled, and sellers are in a commanding position. Confirmation of June 13 lows may further see BTC trickle lower towards $20k, a psychological reaction point.

Resistance level to watch: $24k

Support level to watch: $20k

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

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