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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

Buyers are on the receiving end as per the formation in the daily chart. Although traders are generally upbeat, expecting a recovery after months of lower lows, the immediate trend is bearish and sellers have the upper hand. After yesterday's gains, Bitcoin is still within a bear formation with liquidation caps at $20.7k. Technically, aggressive sellers can unload on every bounce below $20.7k, aligning with the bars of August 19 and 26. Unless there are sharp gains thrusting prices above $22k, sellers can target $19k and later $17.5k in the short term.

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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