Technical Analysis for BTCUSD for 15th September 2022
Bitcoin Under Pressure, Will BTC Drop to $18.5k?
Past Performance of BTC
Despite market-wide optimism, BTC prices are in a tight trade range, underperforming and under pressure when writing. A notable development in the past 24 hours is that sellers are still in charge, and prices are pinned below $20.7k. As it is, traders can find unloading opportunities to liquidate, targeting $18.5k in a bear trend continuation formation.
Bitcoin Technical Analysis
Currently, sellers are in control, and the path of least resistance is defined to be southwards. The bearish engulfing bar of September 13 anchors the current trend, swinging favorably to sellers. Therefore, since prices are below $20.7k and the primary trend is southwards, aggressive traders can align with the dominant trend with targets at $18.5k. This preview will hold as long as prices are trading below $22.7k or September 13 highs. Any sharp upthrust above yesterday's conspicuous bar would see BTC bulls flow back in alignment with gains of June and August 2022.
What to Expect from BTC
Traders are apprehensive, and the established trend is back to red. Since BTCUSDT prices are in a tight trade range and bulls are unable to sustain the uptrend, the coin can easily tumble to $18.5k. In the short term, losses below $19.7k might accelerate the sell-off towards September lows.
Resistance level to watch: $20.7k
Support level to watch: $19.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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