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.
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