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Technical Analysis for BTCUSD for 17th October 2022

Bitcoin Losing Steam, Anchored at Q3 2022 Support at $18.5k

Past Performance of BTC

Bitcoin remains in a range, and price action is still dull at spot rates. As it is, BTC has support between $18.5k and $19k and is technically bearish, reading from the candlestick in the daily chart. Days after the October 13 bull bar with relatively high trading volumes, Bitcoin is back inside the bull bar and broadly inside a bear breakout formation.

Bitcoin Technical Analysis

Presently, BTC bulls have a chance. From the daily chart, prices are in range inside the October 13 bull bar, a net positive for buyers. The sharp reversal of prices from below Q3 lows with increasing trading volumes may point to the early stages of recovery and the end of the 11-month bear run. This preview, nonetheless, is valid if prices are above $18.5k and, preferably, $20.5k in the short term, breaking away from the current consolidation. If not, losses below last week's lows at $18.2k may see Bitcoin disintegrate, falling to register new 2022 lows.

What to Expect from BTC

BTC is within a bear formation, and traders are overly apprehensive. Unless clear breakouts signal the end of the bear run or the continuation of Q3 2022 bears, trades can stay on the sidelines. Gains (losses) above $20.5k ($18k) would mean the sideways movement of the better part of Q3 2022 was accumulation (distribution).

Resistance level to watch: $20.5k

Support level to watch: $18.5k

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

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