Technical Analysis for BTCUSD for 16th August 2022
Bitcoin Drops, Immediate Liquidation Line at $25.23k
Past Performance of BTC
Bitcoin traders may be bullish, but the coin is under pressure at spot rates, sliding three percent in the last trading day and at break evening week-to-date. Thus far, prices are printing lower lows, with a bear bar of August 15 being confirmed earlier today. When writing, prices are within a tight range, retesting the lower trend line of the rising channel, suggesting general weakness.
Bitcoin Technical Analysis
Bitcoin is within a rising channel, stagnant at spot rates. The coin is at break even, week-to-date. However, since prices are above the $24k level, the bullish breakout formation of the tail end of July 2022 remains valid. Therefore, provided prices are above $22.5k and $23k; every low may be an entry for aggressive traders targeting $28k in the short term. Any dip below this critical line nullifies this preview, swinging price action in favor of sellers. Conversely, conservative traders can wait for a clean, high volume conclusive break above August 15 highs at $25.23k, adding to their longs with targets at $32k.
What to Expect from BTC
Buyers are confident, but there must be a clean break above recent highs, reversing the losses of August 15. A follow-through of the July 27 and 28 gains may trigger demand, lifting BTC to new H2 2022 territory in a refreshing recovery.
Resistance level to watch: $25.3k
Support level to watch: $22.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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