Technical Analysis for BTCUSD for 30th August 2022
Bitcoin Stabilizes above $20k, Sellers are Squarely in Charge in a Bear Formation
Past Performance of Bitcoin
Bitcoin prices are in range when writing, boxed within the August 28 bear bar, and in green in the past 24 hours. Even though the primary trend is southwards, the failure of bears to follow through is a welcomed development for optimistic buyers. Nonetheless, provided prices are trading below $20.7k, every high may be an unloading opportunity for sellers expecting even more losses in subsequent sessions.
Bitcoin Technical Analysis
What to Expect from BTC
There are hints of strength, but this isn't enough to disqualify sellers. The current technical candlestick arrangement favors sellers following the losses of August 19 and 26. Thus, as prices are below $20.7k, the possibility of BTC retesting 2022 lows remains high.
Resistance level to watch: $20.7k
Support level to watch: $19k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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