This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 24th October 2022

Bitcoin Edges Higher, but will BTC Pierce above $20.5k?

Past Performance of BTC

Bitcoin might be up four percent in the past 72 hours at press time, but there is nothing major to write home about. As it is, prices are still in the $2k trade range, oscillating with caps at $18.5k and $20.5k on the upper end. The rejection of prices from last week's support level may point to strength. The primary bearish trend established in the better part of the last ten months influences price action.

Bitcoin Technical Analysis

The path of least resistance is southwards, but BTC prices are wavy inside a $2k zone with caps at $20.5k and $18.5k on the lower end. Nonetheless, aggressive traders may ride with the primary trend to unload on all pullbacks as long as prices are below $20.5k. Still, being more cautious, a better approach could be to wait for a clear trend definition above the current range, aware that gains above $20.5k could see BTC erupt higher. Notably, the rejection of lower prices in the past few trading days could see Bitcoin bulls' flow back aligning with the bull bar of October 13. This may form the anchor for a possible bottoming up of the coin from the present lull in a welcomed recovery above $20.5k. If not, deeper losses below $18.5k invalidate this outlook, allowing traders to load on every attempt higher with targets at $17.5k.

What to Expect from BTC

Bears are overly in control, but prices are in range with clear support and resistance levels as Bitcoin remains in a BB squeeze. Until there is a definitive break above this zone, a clear trend will emerge, guiding traders.

Resistance level to watch: $20.5k

Support level to watch: $18.5k

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020