Technical Analysis for BTCUSD for 29th August 2022
Bitcoin Plunges 7% in a Bear Trend Continuation Formation
Past Performance of Bitcoin
Like the rest of the crypto market, Bitcoin is selling off, reading from the candlestick arrangement in the daily chart. The coin is currently down seven percent in the last week of trading but stable in the past 24 hours. Even though prices may be stable, BTC is within a bear breakout formation and building on the losses of August 26.
Bitcoin Technical Analysis
BTC is bearish, and sellers from mid-August have been firm, reversing gains posted from mid-June through to early August 2022. Presently, prices are down and below critical support lines, turned resistance. In a breakout continuation pattern, aggressive traders may align with the trend-setting bars of August 19 and 26, unloading on every attempt higher towards $20.7k, a key support level of last week. The immediate target is at $17.5k marking 2022 lows.
What to Expect from BTC
Fundamental triggers may see the broader cryptocurrency market plummet in sessions ahead. Even though Bitcoin is a store-of-value asset, the technical candlestick arrangement favors sellers in the short term. Immediate resistance levels like at $20.7k and $21.7k. These are reaction points that sellers may unload from on every attempt higher, targeting 2022 lows.
Resistance level to watch: $20.7k
Support level to watch: $21.7k
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