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Technical Analysis for BTCUSD for 28th September 2022

Bitcoin Bears Dominant, BTC Crashes Below $20k

Past Performance of BTC

Even after what appeared to be a strongly bullish signal for Bitcoin buyers on September 27, gains were quickly reversed in the late NY session as bears further pressed on during the Asian session on September 28. Presently, BTC is back to bearish ways as the coin’s volatility heightens. Since prices are below $20k and $19.7k, previous support lines, now resistance, sellers are back in contention and the trend in alignment with price action set in motion by the September 13 bear bar.

Bitcoin Technical Analysis

Bitcoin prices, as mentioned earlier, are back in red at spot rates. Despite earlier confidence, strong rejection of higher prices and the consequent dumping of BTC below $20k means sellers are still in charge. Following reversal below $20k and $19.7k resistance lines, bears have the upper hand. With the September 27 bar closing as bearish and with a long upper wick, every high must be a liquidation opportunity for aggressive traders. However, as it is, traders can wait for trend confirmation. Losses below $18.2k, marking last week’s lows, will highly likely trigger a strong sell-off forcing the coin to $17.5k in a bear trend continuation formation.

What to Expect from BTC

Bitcoin is both hot and cold at spot rates. The sharp reversal of September 27 dashed bulls’ hopes, placing back the coin in the hands of bears. Thus far, BTC is back within last week’s range and aligning with the predominant trend set in motion by September 13 bar.

Resistance level to watch: $19.7k

Support level to watch: $18.2k

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

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