Technical Analysis for BTCUSD for 22nd September 2022
Bitcoin Slips Deeper into Red, Drops 26% in 5 Weeks
Past Performance of BTC
Bitcoin bears are determined, reading from price action in the daily chart. Momentarily, prices rose on September 21. However, sellers had clipped gains by its close and swung the trend back in their direction. The net result was a long upper wick, indicating strong rejection of higher prices during the European and late NY sessions. Now, traders may look to redouble their exits, targeting critical support levels established in the past few trading weeks.
Bitcoin Technical Analysis
The attempt by buyers to push prices higher on September 21 was met with intense selling pressure, a conviction by market participants that bears are still in control. With a long upper wick on September 21 and prices pinned below $20k, every high may offer entries for adamant bears targeting $18.5k and later $17.5k in bear trend continuation. This forecast holds because, despite efforts by bulls, prices are still within tight trade ranges below $20k and still defined by the wide-ranging, bearish engulfing bar marking September 2022 highs. Any break below $18.5k will fast-track the dump towards $17.5k, squashing any form of hope buyers had.
What to Expect from BTC
Bitcoin is bearish, and this preview will remain as it is until there is a clear shift in the daily chart. A close above $20k may drive interest, but a solid rally exceeding September 13 highs at $22.5k may see more demand as the coin makes a welcomed turnaround.
Resistance level to watch: $20k
Support level to watch: $18.5k
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