Technical Analysis for BTCUSD for 26th September 2022
Bitcoin is Down 18% in 2 Weeks, BTC Upsides Limited at $20k
Past Performance of BTC
Bitcoin is down 18 percent and wavy at press time in roughly two weeks. Per the candlestick arrangement in the daily chart, sellers are in a commanding position. BTC prices are moving closer to critical support levels defined in the past eight months of the year. For buyers to take charge and prices to recover, BTC not only needs to print higher at spot rates but, most resoundingly, reverse the losses of September 13.
Bitcoin Technical Analysis
When writing, traders are apprehensive and closely watching how the coin trends in the next few trading days. Even though BTC tracked higher on September 22, bouncing higher from this month's lows, there has been no follow-through to confirm buyers. Accordingly, price action is bound southwards in the immediate to medium term. However, this could change if prices race above $20k with rising trading volumes. If not, more profound losses below $18.5k, and most importantly, $18.3k, marking last week's lows, could accelerate the dump towards $17.5k in the coming few trading days. Based on the BTCUSDT price arrangement, traders can unload on every attempt higher as long as prices are below $20k. The immediate target should be last week's lows and, if breached, 2022 lows.
What to Expect from BTC
Buyers remain defiant, but the current price formation favors sellers. If buyers are to take charge, prices must soar above $20k, confirming gains of September 22, ideally with expanding participation levels.
Resistance level to watch: $20k
Support level to watch: $18.5k
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