Technical Analysis for BTCUSD for 30th June 2022
Bitcoin Slips, will BTC Drop to 2022 Lows?
Past Performance of BTC
When writing, Bitcoin prices are steady. However, the BTC price is now below the $20k psychological level despite yesterday's bar closing with a long lower wick. From this arrangement, sellers are firmly in charge from a top-down preview.
Bitcoin Technical Analysis
From the daily chart, BTC may appear firm. Nonetheless, the coin is pulling back deeper from this week's high. Still, the good news is that prices are within last week's bullish trade range. Pasting a Fibonacci retracement tool on last week's trade range reveals that BTC has support at around the 38.2 and 50 percent retracement levels. Historically, crypto and BTC prices tend to recover from around the 61.8 and 78.6 percent levels. As such, while traders expect immediate recovery, the ideal support level lies at around the $18.7k and $19.5k zone. On a more positive preview, any buildup of momentum above $21k may pump Bitcoin back towards $21.9k and $23k in the medium term.
What to Expect from BTC
Bitcoin prices are trending lower, breaking below $20k. With buyers squashed, sellers are in control from a top-down preview. For buyers to take charge, there must be a clearer trend if there is a recovery above $22k and last week's high. If not, the odds of the coin slipping towards this month's lows remain high.
Resistance level to watch: $22k
Support level to watch: $19.5k to $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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