#Bitcoin Slips from a Range, BTC is down 26% from August Highs
Past Performance of Bitcoin
Bitcoin prices are down five percent at press time, trading in a bear breakout formation and down 26 percent from August 2022 highs. Because BTC bulls failed to reverse losses of mid-September, bears remain in charge. At the current pace, and with BTC below 19.7k and 19.3k, critical support of the past two weeks, the coin will likely to dump to 18.5k.
#Bitcoin Technical Analysis
Sellers are in charge, and BTC bulls remain under pressure unless there are gains above 20.7k and, most importantly, 22.7k with rising trading volumes. Per the formation in the daily chart, traders can initiate positions and ride the bear wave. Currently, since prices are below 19.3k, BTC could easily slip to 18.5k and 17.5k in a bear continuation formation following early September 19 breakout below last week’s lows. This preview will remain as it is, bearish, unless there is any surge, critically above 22.7k. This may in turn lift off the coin towards
25K in continuation of buyers set in motion between June and August 2022.
What to Expect from #BTC?
Bitcoin is in tatters, and prices have broken from a tight range in line with the September 13 bear bar. As mentioned earlier, BTC is in a bear breakout formation below 19.3k—last week's low, therefore traders can anticipate another round of liquidation towards 17.5k.
Resistance level to watch out for: 19.3k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are down five percent at press time, trading in a bear breakout formation and down 26 percent from August 2022 highs. Because BTC bulls failed to reverse losses of mid-September, bears remain in charge. At the current pace, and with BTC below 19.7k and 19.3k, critical support of the past two weeks, the coin will likely to dump to 18.5k.
#Bitcoin Technical Analysis
Sellers are in charge, and BTC bulls remain under pressure unless there are gains above 20.7k and, most importantly, 22.7k with rising trading volumes. Per the formation in the daily chart, traders can initiate positions and ride the bear wave. Currently, since prices are below 19.3k, BTC could easily slip to 18.5k and 17.5k in a bear continuation formation following early September 19 breakout below last week’s lows. This preview will remain as it is, bearish, unless there is any surge, critically above 22.7k. This may in turn lift off the coin towards
25K in continuation of buyers set in motion between June and August 2022.What to Expect from #BTC?
Bitcoin is in tatters, and prices have broken from a tight range in line with the September 13 bear bar. As mentioned earlier, BTC is in a bear breakout formation below 19.3k—last week's low, therefore traders can anticipate another round of liquidation towards 17.5k.
Resistance level to watch out for: 19.3k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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