Technical Analysis for BTCUSD for 30th September 2022
Bitcoin Consolidates, BTC May Recover if $18.3k Holds
Past Performance of BTC
Bitcoin prices are largely unchanged in the past 24 hours and trading week. As such, the coin remains within a bear formation without a significant shift in trend. This is despite encouraging higher highs relative to the lower BB, signaling waning bear momentum. However, as it is, bears are still in control, and the outlook can change if only there is a sharp breakout above $20k or $18k in upcoming sessions.
Bitcoin Technical Analysis
In a trade range, Bitcoin traders can only wait for a clear trend definition. For that to happen, bears may redouble their efforts, selling on every attempt higher towards $20k as they anticipate a meltdown below this week's support at around $18.3k and $18.5k. If they take charge, mirroring losses of the first half of the year, traders will likely be spooked, forcing a sell-off that may see Bitcoin register new yearly lows below $17.5k in a bear trend continuation. On the flip side, if Bitcoin has found its bottom and the zone between $17.5k and $18k rebuff sellers, a welcomed surge above $20k, preferably with high trading volumes, may spark demand, lifting the coin towards critical resistance levels at $22.5k, and later $25k.
What to Expect from BTC
The coin is consolidating and factoring in fundamental factors; the bottom may be in. Nonetheless, there will be confirmation only if BTC breaks above $20k, as mentioned earlier. If not, BTC may sink to new 2022 lows in continuation of May 2022's liquidation.
Resistance level to watch: $20k
Support level to watch: $18.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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