This website uses cookies to ensure you get the best experience on our website
CRYPTOALTUM IS EVOLVING! EXCITING CHANGES COMING SOON 

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.

For more interesting tips and facts visit our Education Centre.


Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Amsa LLC (CryptoAltum) 2020