Technical Analysis for BTCUSD for 27th September 2022
Bitcoin Breaks Out from a $1.5k Trade Range, BTC Turning the Corner?
Past Performance of BTC
Bitcoin is solid at press time and trading above the $1.5k range, reading from the performance in the daily chart. Even though BTC is technically bearish from a top-down analysis, there are encouraging signals that prices may turn the corner in coming sessions. For now, the immediate support lies at around $20.2k as the coin breakouts after consolidation. If buyers manage to rebuff bears, $20k could anchor the next leg up towards $23k.
Bitcoin Technical Analysis
In a continuation of the bullish breakout formation on September 27, BTC may likely inch higher in the days ahead. The immediate target lies at $22.5k, marking September 2022 highs, in sync with today's bullish engulfing bar. Therefore, considering the formation in the daily chart, every low could offer loading opportunities in continuation of September 27 buyers. Subsequently, aggressive traders can begin ramping up as long as prices are trending above $20k in the short term. On the reverse side, an unexpected sell-off forcing the coin below $20k and back into last week's consolidation would cancel this preview.
What to Expect from BTC
BTC prices are breaking out after a momentum-sapping consolidation inside a $1.5k range. Since a clear trend is emerging, traders can begin buying the dip, targeting $22.5k or better in the short term.
Resistance level to watch: $22.5k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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