#Bitcoin Swings in a $3.2k Zone, will BTC Prices Fall to 20k?
Past Performance of Bitcoin
Bitcoin continues to swing in a tight range, as visible in the daily chart. BTC prices are steady in the past 24 hours at spot rates and break even versus the USDT in the last trading week. Technically, the BTCUSDT formation points to sellers due to the inability of bulls to push above immediate liquidation levels. Overall, sellers remain in control, pouring cold water on bullish sentiment.
#Bitcoin Technical Analysis
BTC's upside is limited reading from the candlestick arrangement in the daily chart. Even though buyers are confident, bears have been unwinding gains and forcing prices lower. Accordingly, the resilience of bears and the inability of bulls to crack above $32k skew price action for sellers. Risk-off traders may unload on every attempt to retest $32k with targets at $29.3k and later $28.7k. A high-volume slide below the bear flag confirms bears of early May, setting in motion the next leg down towards 2017 peaks.
What to Expect from #BTC?
Trading volumes have been tapering as bulls find $32k impregnable. In the days ahead, risk-averse traders may wait for clean breaks above $32k or $28.7k before committing.
Resistance level to watch out for: $32k
Support level to watch out for: $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin continues to swing in a tight range, as visible in the daily chart. BTC prices are steady in the past 24 hours at spot rates and break even versus the USDT in the last trading week. Technically, the BTCUSDT formation points to sellers due to the inability of bulls to push above immediate liquidation levels. Overall, sellers remain in control, pouring cold water on bullish sentiment.
#Bitcoin Technical Analysis
BTC's upside is limited reading from the candlestick arrangement in the daily chart. Even though buyers are confident, bears have been unwinding gains and forcing prices lower. Accordingly, the resilience of bears and the inability of bulls to crack above $32k skew price action for sellers. Risk-off traders may unload on every attempt to retest $32k with targets at $29.3k and later $28.7k. A high-volume slide below the bear flag confirms bears of early May, setting in motion the next leg down towards 2017 peaks.
What to Expect from #BTC?
Trading volumes have been tapering as bulls find $32k impregnable. In the days ahead, risk-averse traders may wait for clean breaks above $32k or $28.7k before committing.
Resistance level to watch out for: $32k
Support level to watch out for: $28.3k
Disclaimer: Opinions expressed are not investment advice. Do your research.
