#Bitcoin is Down 18% in 2 Weeks, BTC Upsides Limited at $20k
Past Performance of Bitcoin
Bitcoin is down 18 percent and wavy at press time in roughly two weeks. Per the candlestick arrangement in the daily chart, sellers are in a commanding position. BTC prices are moving closer to critical support levels defined in the past eight months of the year. For buyers to take charge and prices to recover, BTC not only needs to print higher at spot rates but, most resoundingly, reverse the losses of September 13.
#Bitcoin Technical Analysis
When writing, traders are apprehensive and closely watching how the coin trends in the next few trading days. Even though BTC tracked higher on September 22, bouncing higher from this month's lows, there has been no follow-through to confirm buyers. Accordingly, price action is bound southwards in the immediate to medium term. However, this could change if prices race above 20k with rising trading volumes. If not, more profound losses below 18.5k, and most importantly, 18.3k, marking last week's lows, could accelerate the dump towards 17.5k in the coming few trading days. Based on the BTCUSDT price arrangement, traders can unload on every attempt higher as long as prices are below 20k. The immediate target should be last week's lows and, if breached, 2022 lows.
What to Expect from #BTC?
Buyers remain defiant, but the current price formation favors sellers. If buyers are to take charge, prices must soar above 20k, confirming gains of September 22, ideally with expanding participation levels.
Resistance level to watch out for: 20k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is down 18 percent and wavy at press time in roughly two weeks. Per the candlestick arrangement in the daily chart, sellers are in a commanding position. BTC prices are moving closer to critical support levels defined in the past eight months of the year. For buyers to take charge and prices to recover, BTC not only needs to print higher at spot rates but, most resoundingly, reverse the losses of September 13.
#Bitcoin Technical Analysis
When writing, traders are apprehensive and closely watching how the coin trends in the next few trading days. Even though BTC tracked higher on September 22, bouncing higher from this month's lows, there has been no follow-through to confirm buyers. Accordingly, price action is bound southwards in the immediate to medium term. However, this could change if prices race above 20k with rising trading volumes. If not, more profound losses below 18.5k, and most importantly, 18.3k, marking last week's lows, could accelerate the dump towards 17.5k in the coming few trading days. Based on the BTCUSDT price arrangement, traders can unload on every attempt higher as long as prices are below 20k. The immediate target should be last week's lows and, if breached, 2022 lows.
What to Expect from #BTC?
Buyers remain defiant, but the current price formation favors sellers. If buyers are to take charge, prices must soar above 20k, confirming gains of September 22, ideally with expanding participation levels.
Resistance level to watch out for: 20k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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