Bitcoin / TetherUSPenjualan
#Bitcoin Slips Deeper into Red, Drops 26% in 5 Weeks
Past Performance of Bitcoin
Bitcoin bears are determined, reading from price action in the daily chart. Momentarily, prices rose on September 21. However, sellers had clipped gains by its close and swung the trend back in their direction. The net result was a long upper wick, indicating strong rejection of higher prices during the European and late NY sessions. Now, traders may look to redouble their exits, targeting critical support levels established in the past few trading weeks.
#Bitcoin Technical Analysis
The attempt by buyers to push prices higher on September 21 was met with intense selling pressure, a conviction by market participants that bears are still in control. With a long upper wick on September 21 and prices pinned below 20k, every high may offer entries for adamant bears targeting 18.5k and later 17.5k in bear trend continuation. This forecast holds because, despite efforts by bulls, prices are still within tight trade ranges below 20k and still defined by the wide-ranging, bearish engulfing bar marking September 2022 highs. Any break below 18.5k will fast-track the dump towards 17.5k, squashing any form of hope buyers had.
What to Expect from #BTC?
Bitcoin is bearish, and this preview will remain as it is until there is a clear shift in the daily chart. A close above 20k may drive interest, but a solid rally exceeding September 13 highs at 22.5k may see more demand as the coin makes a welcomed turnaround.
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 bears are determined, reading from price action in the daily chart. Momentarily, prices rose on September 21. However, sellers had clipped gains by its close and swung the trend back in their direction. The net result was a long upper wick, indicating strong rejection of higher prices during the European and late NY sessions. Now, traders may look to redouble their exits, targeting critical support levels established in the past few trading weeks.
#Bitcoin Technical Analysis
The attempt by buyers to push prices higher on September 21 was met with intense selling pressure, a conviction by market participants that bears are still in control. With a long upper wick on September 21 and prices pinned below 20k, every high may offer entries for adamant bears targeting 18.5k and later 17.5k in bear trend continuation. This forecast holds because, despite efforts by bulls, prices are still within tight trade ranges below 20k and still defined by the wide-ranging, bearish engulfing bar marking September 2022 highs. Any break below 18.5k will fast-track the dump towards 17.5k, squashing any form of hope buyers had.
What to Expect from #BTC?
Bitcoin is bearish, and this preview will remain as it is until there is a clear shift in the daily chart. A close above 20k may drive interest, but a solid rally exceeding September 13 highs at 22.5k may see more demand as the coin makes a welcomed turnaround.
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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