Bitcoin / TetherUSPenjualan
Bitcoin Bulls Hold On, Will BTC Break above $19.7k?
Past Performance of Bitcoin
Bitcoin prices held firm on September 7, rejecting the bears of Tuesday, and bouncing higher by yesterday's close. Technically, BTC remains within a bear breakout formation per the arrangement in the daily chart. Therefore, while there is optimism, traders may look for opportunities to unload on attempts higher, provided prices are below 19.7k.
Bitcoin Technical Analysis
The September 7 bar closed with a long lower wick pointing to resilience and rejection of lower prices. Even though prices floated higher, the coin, as mentioned above, is still within a bear breakout formation and the immediate resistance level is at 19.7k. Accordingly, aggressive traders can seek to align with the primary trend, unloading on any pullback with targets at 18.5k and later 17.5k. However, if BTC bulls build on September 7 bar and reverse from around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range it is currently bound on, the coin may edge higher above 20.7k. Still, it will be until there is a strong spike above 20.7k that buyers may find relief.
What to Expect from BTC?
The primary trend is defined as southwards. Nonetheless, the September 6 bar may turn out to be a climax bar marking the end of the recent BTC bear leg if there is a refreshing expansion not only above 19.7k but also above 20.7k.
Resistance level to watch out for: 19.7k
Support level to watch out for: 17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices held firm on September 7, rejecting the bears of Tuesday, and bouncing higher by yesterday's close. Technically, BTC remains within a bear breakout formation per the arrangement in the daily chart. Therefore, while there is optimism, traders may look for opportunities to unload on attempts higher, provided prices are below 19.7k.
Bitcoin Technical Analysis
The September 7 bar closed with a long lower wick pointing to resilience and rejection of lower prices. Even though prices floated higher, the coin, as mentioned above, is still within a bear breakout formation and the immediate resistance level is at 19.7k. Accordingly, aggressive traders can seek to align with the primary trend, unloading on any pullback with targets at 18.5k and later 17.5k. However, if BTC bulls build on September 7 bar and reverse from around the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range it is currently bound on, the coin may edge higher above 20.7k. Still, it will be until there is a strong spike above 20.7k that buyers may find relief.
What to Expect from BTC?
The primary trend is defined as southwards. Nonetheless, the September 6 bar may turn out to be a climax bar marking the end of the recent BTC bear leg if there is a refreshing expansion not only above 19.7k but also above 20.7k.
Resistance level to watch out for: 19.7k
Support level to watch out for: 17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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