Technical Analysis for BTCUSD for 20th June 2022
Bitcoin Pulls Back from Below $20k, is the Bottom In?
Past Performance of BTC
Bitcoin traders endured the most pain last week when prices sunk to as low as $17.5k on June 18. At press time, there has been a recovery, with bulls reversing the losses of Saturday. Nonetheless, even with the swing higher, sellers are still in a commanding position. In the previous trading week, Bitcoin is down a massive 21 percent versus the USDT, adding 10 percent on the last trading day.
Bitcoin Technical Analysis
Bitcoin is in a bear breakout formation, reading from the candlestick arrangement in the daily chart. Technically, bears are still in charge despite the welcomed pullback on June 19. When writing, sellers may find entries to load the bounce provided prices are below $23k, an immediate reaction point. This flashes with the 61.8 percent Fibonacci retracement level of the June 7 to 18 range. Meanwhile, the primary target lies at last week's lows at $17.5k. Sustained gains above $23k may see BTC float higher to $28.7k in a retest.
What to Expect from BTC
The sell-off in the second half of last week may have been climactic. However, sellers are in charge as long as prices are below $23k. In a bear trend continuation pattern, BTC may slide back to $17.5k in a rest.
Resistance level to watch: $23k
Support level to watch: $17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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