Technical Analysis for BTCUSD for 18th October 2022
Bitcoin Steadies, Will BTC Break above September 2022 highs?
Past Performance of BTC
There are sparks that Bitcoin might, against all odds, recharge. The coin is up two percent on the last trading day, stable in the previous week. Encouragingly, BTC is bottoming up, edging higher from last week's lows and shaking off attempts by bears to weigh it down. Technically, there are hints of strength. However, until BTC decisively breaks above $20.5k and immediate liquidation zones set out in September, buyers can confidently accumulate.
Bitcoin Technical Analysis
Bitcoin is relatively solid and resilient, based on the formation in the daily chart. A notable development is the failure of bears to press lower, breaking below the $18.5k and $19.5k support. Instead, the October 13 bear bar is rekindling demand, buoying the confidence of decimated traders. As it is, aggressive traders may find entries to fade the primary bear trend of September 13. This bright overview is valid if prices are above $19k. Any break above $20.5k may yank BTC to new weekly highs in what could possibly be the resumption of the trend set in motion in mid-June, pumping BTC toward $22.5k.
What to Expect from BTC
Buyers are confident, following gains of the past two trading days. Even so, BTCUSDT prices are still within a consolidation zone, capped inside a $2k trading range. Unless there are solid, high-volume gains above $20.5k, sellers remain in charge despite the expansion of October 13.
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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CryptoAltum does not accept any clients under the age of 18.