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.
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