Technical Analysis for BTCUSD for 19th September 2022
Bitcoin Slips from a Range, BTC is down 26% from August Highs
Past Performance of BTC
Bitcoin prices are down five percent at press time, trading in a bear breakout formation and down 26 percent from August 2022 highs. Because BTC bulls failed to reverse losses of mid-September, bears remain in charge. At the current pace, and with BTC below $19.7k and $19.3k, critical support of the past two weeks, the coin will likely to dump to $18.5k.
Bitcoin Technical Analysis
Sellers are in charge, and BTC bulls remain under pressure unless there are gains above $20.7k and, most importantly, $22.7k with rising trading volumes. Per the formation in the daily chart, traders can initiate positions and ride the bear wave. Currently, since prices are below $19.3k, BTC could easily slip to $18.5k and $17.5k in a bear continuation formation following early September 19 breakout below last week’s lows. This preview will remain as it is, bearish, unless there is any surge, critically above $22.7k. This may in turn lift off the coin towards $25k in continuation of buyers set in motion between June and August 2022.
What to Expect from BTC
Bitcoin is in tatters, and prices have broken from a tight range in line with the September 13 bear bar. As mentioned earlier, BTC is in a bear breakout formation below $19.3k—last week's low, therefore traders can anticipate another round of liquidation towards $17.5k.
Resistance level to watch: $19.3k
Support level to watch: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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