This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 17th June 2022

Bitcoin Gains Short-lived, $20k is the Next Reaction Point

Past Performance of BTC

Bitcoin's primary trend is southwards, as per the formation in the daily chart. Despite trader confidence, gains of June 14 didn't last, and prices tumbled on June 16. Currently, the coin is down 30 percent week-to-date and trending close to this week and 2022 lows at $20.1k. With bulls unable to hold rampant sellers, BTC may likely melt below 2022 lows and break to trade in the 2020 zone.

Bitcoin Technical Analysis

Bitcoin prices are under pressure, and bears are still on the wheel. The brief recovery of June 15 was fleeting as gains were reversed on June 16. From the daily chart, bear bars are riding the lower BB. This suggests possible intense selling pressure and high volatility, an opportunity for aggressive risk-off traders to unload on every attempt higher. Ideally, a close above $24k or $23.3k may draw demand, boosting bulls that may, in turn, target $26.7k and later $30k. Conversely, deep losses below $20.1k may be the last straw for bulls. In that case, BTC could slump to as low as $16k.

What to Expect from BTC

Traders are apprehensive and unwilling to load, reading from sentiment analysis tools. Therefore, dropping liquidity and aggressive bears could force BTC below $20k. However, BTC's fortunes could change if prices edge above $24k.

Resistance level to watch: $24k

Support level to watch: $20k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

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. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020