Technical Analysis for BTCUSD for 20th October 2022
Bitcoin drops 4% in 7 Days, BTC in a $2k Range with Decreasing Volumes
Past Performance of BTC
Bitcoin Technical Analysis
The path of least resistance remains southwards. Thus far, BTC is inching lower, pinned within the October 13 trade range and inside last week's trade zone. The primary support is at $18.5k and $19k. However, based on the formation in the daily chart, the coin might post more losses in the immediate term. Accordingly, aggressive traders can unload the coin as long as prices are below $20.5k, targeting October lows at $18.2k in the medium term. This will align with the formation established on September 13. Any unexpected surge above $20.5k will be a relief for conservative, risk-on traders, allowing them to accumulate in anticipation of more gains as BTC bottoms up.
What to Expect from BTC
Traders are cautious, reading from decreasing participation levels and narrow trade range of the BTCUSDT price action. Any break out above the $2k range, above $20.5k, or below $18.5k would be definitive, especially if there is an uptick in trading volumes.
Resistance level to watch: $20.5k
Support level to watch: $18.5k
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