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Technical Analysis for BTCUSD for 21st September 2022

Bitcoin Meltdown: Odds of BTC Crashing to $17.5k High

Past Performance of BTC

Bitcoin is stable on the last trading day but down seven percent in the previous week. Per the formation in the daily chart, sellers are still in a commanding position. This preview will remain valid if prices are below $20k, a round number. Currently, BTC traders are keeping a close eye on the coin's formation and whether buyers will maintain prices above $18.5k and, more importantly, $17.5k in short to medium term.

Bitcoin Technical Analysis

BTCUSDT price is tethered at close to 2022 lows, and sellers dominate, dictating the current price action. From the daily chart, traders may search for entries to liquidate, targeting this week's lows at around $18.3k. If BTC sellers press on, the coin may easily retest $17.5k, the 2022 lows, with an even higher probability of registering new lows. Of note, Bitcoin's price action is shaped in the immediate term by the September 13 bear candlestick. The bar was the basis from where bears unwound gains of September 7 through to 12, aligning Bitcoin to sellers of August 19. Therefore, provided prices are below $22.5k, the odds of BTC slumping further towards $17.5k remains high.

What to Expect from BTC

Sellers are in charge and buyers' upside momentum appears to have been vanquished. As mentioned earlier, BTC bulls will only have a chance if there is a relieving recovery above $22.5k, reversing the losses of September 13. If not, BTC may drop below $18.5k and register new 2022 lows in a bear-trend continuation formation.

Resistance level to watch: $20k

Support level to watch: $18.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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