Technical Analysis for BTCUSD for 21st October 2022
Bitcoin in a BB Squeeze as BTC Oscillates within a $2k Zone
Past Performance of BTC
A BB squeeze is forming in the daily chart just as BTC is at near 2022 lows. Risk-on traders expecting to swing the emerging trend can steer clear and wait for trend definition above immediate reaction lines at $18.5k and $20.5k. As it is, liquidation below October lows at around $18k may signal sellers to dig in, forcing the coin back to $17.5k in a bear-trend continuation formation. However, if there are gains above $20.5k and, thus, October highs, BTC may soar to $23k. On the other hand, risk-off traders can align their positions with the current trend, liquidation on any attempt higher with targets at $18.2k. This preview, nonetheless, is valid as long as Bitcoin is below October highs.
Bitcoin Technical Analysis
A BB squeeze is forming in the daily chart just as BTC is at near 2022 lows. Risk-on traders expecting to swing the emerging trend can steer clear and wait for trend definition above immediate reaction lines at $18.5k and $20.5k. As it is, liquidation below October lows at around $18k may signal sellers to dig in, forcing the coin back to $17.5k in a bear-trend continuation formation. However, if there are gains above $20.5k and, thus, October highs, BTC may soar to $23k. On the other hand, risk-off traders can align their positions with the current trend, liquidation on any attempt higher with targets at $18.2k. This preview, nonetheless, is valid as long as Bitcoin is below October highs.
What to Expect from BTC
Bitcoin traders are cautious per trading volumes in the daily chart. Participation levels have been lower but favorable for buyers because volumes are lower than those registered on October 13. A better trend will, nonetheless, emerge if there are sharp breakouts in either of the immediate reaction levels.
Resistance level to watch: $20.5k
Support level to watch: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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