Technical Analysis for BTCUSD for 16th September 2022
Bitcoin Sinking on Strong Selling Momentum, BTC Falls 21% from August Highs
Past Performance of BTC
Bitcoin is still under pressure when writing on September 16. From the daily chart, BTC bears are pressing on, squashing any attempt for higher highs and reasserting the presence of sellers set in motion early this week. Based on the candlestick arrangement on the BTCUSDT chart, traders may seek opportunities to ride the trend, targeting immediate support levels established in Q3 2022.
Bitcoin Technical Analysis
BTC is bearish, and the same preview has been confirmed from volume analysis. With prices snapping to the primary trend observed from a top-down analysis, aggressive sellers can continue to unload on every attempt higher towards $20.7k, the immediate resistance level. Any break below $19.7k could trigger a sell-off that may see BTC tank to $18.5k, a critical support level, and even to 2022 lows at $17.5k in a bear-trend continuation formation. Conversely, buyers may stand a chance if there are refreshing gains above $20.7k. However, being conservative, BTC will turn green if there are sharp gains reversing the losses of September 13.
What to Expect from BTC
BTC is under immense selling pressure, and the bearish engulfing bar of September 13 broke the back of determined buyers. Further losses in confirmation of the double bar bear formation of September 12 and 13 may heap more pressure on digital gold. Since the trend remains as it is, BTC may drop to $18.5k in the short term.
Resistance level to watch: $20.7k
Support level to watch: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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