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Technical Analysis for BTCUSD for 29th September 2022

Bitcoin Prices Volatile, will BTC Breakout above $20k?

Past Performance of BTC

Bitcoin prices are volatile, judging from the performance in the past three days. After gains of September 27, which were quickly reversed by the day's close, the rebound on September 28 has lifted the coin back towards the $19.7k and $20k resistance line. Technically, BTC is in range mode, printing higher highs from the lower BB—a net positive. Still, the coin is bearish, and there could be more reason to liquidate BTC drop below $18.5k.

Bitcoin Technical Analysis

The path of least resistance remains southwards from a top-down analysis. Bears are dominant, and there is a higher chance of prices collapsing below critical support. Thus far, traders can wait for a definite trend to establish before initiating positions. Since bears have the upper hand, the odds of further losses remain high. However, if buyers build on gains of September 28 and pierce $20k, BTC could recover. Still, this outlook will depend on the level of participation and whether the bar will break out from the current $1.5k range.

What to Expect from BTC

There is no clear trend in the short term. While bears dominate from higher time frames, how prices react at $19.7k and $20k may shape the short-term trend. In that case, Bitcoin may post a relief rally, retesting $22.5. If not, BTC may be open for $17.5k in a bear trend continuation formation.

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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