Technical Analysis for BTCUSD for 20th September 2022
Bitcoin Finds Reprieve as a Pin Bar Prints above $18.5k
Past Performance of BTC
The Bitcoin see-saw and whipsaw continued on September 19. After sharp losses in the Asian session, prices rebounded quickly in the European and New York sessions. The net result was a long lower wick suggesting strong bull participation and rejection of bears. As per the formation in the daily chart, BTC prices are still within a bear trend, and sellers may search for liquidation opportunities provided prices are below $21k.
Bitcoin Technical Analysis
Overall, sellers are in a commanding position. Even though the September 19 bar closed with a long lower wick, that doesn't mean prices are out of the woods. The immediate support lies at around the $18k to $18.5k zone. Meanwhile, there must be a high volume close above $19.7k and, more importantly, $21k before traders can initiate longs. As it is, BTC is within a bear pattern and sellers can short on any attempt higher. Nonetheless, a solid close above $20k would lift the mood for buyers, setting the base for a leg up towards $23k in alignment with the bull bar of September 9.
What to Expect from BTC
The rejection of lower prices on September 19 after a worrying start is a net positive. All the same, a follow-through of yesterday's gains may prop determined buyers, pushing the coin back in alignment with the trend set on September 9.
Resistance level to watch: $20k
Support level to watch: $18.5k
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