#Bitcoin Steadies, Will BTC Break above September 2022 highs?
Past Performance of Bitcoin
There are sparks that Bitcoin might, against all odds, recharge. The coin is up two percent on the last trading day, stable in the previous week. Encouragingly, BTC is bottoming up, edging higher from last week's lows and shaking off attempts by bears to weigh it down. Technically, there are hints of strength. However, until BTC decisively breaks above 20.5k and immediate liquidation zones set out in September, buyers can confidently accumulate.
#Bitcoin Technical Analysis
Bitcoin is relatively solid and resilient, based on the formation in the daily chart. A notable development is the failure of bears to press lower, breaking below the 18.5k and 19.5k support. Instead, the October 13 bear bar is rekindling demand, buoying the confidence of decimated traders. As it is, aggressive traders may find entries to fade the primary bear trend of September 13. This bright overview is valid if prices are above 19k. Any break above 20.5k may yank BTC to new weekly highs in what could possibly be the resumption of the trend set in motion in mid-June, pumping BTC toward 22.5k.
What to Expect from #BTC?
Buyers are confident, following gains of the past two trading days. Even so, BTCUSDT prices are still within a consolidation zone, capped inside a 2k trading range. Unless there are solid, high-volume gains above 20.5k, sellers remain in charge despite the expansion of October 13.
Resistance level to watch out for: 20.5k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
There are sparks that Bitcoin might, against all odds, recharge. The coin is up two percent on the last trading day, stable in the previous week. Encouragingly, BTC is bottoming up, edging higher from last week's lows and shaking off attempts by bears to weigh it down. Technically, there are hints of strength. However, until BTC decisively breaks above 20.5k and immediate liquidation zones set out in September, buyers can confidently accumulate.
#Bitcoin Technical Analysis
Bitcoin is relatively solid and resilient, based on the formation in the daily chart. A notable development is the failure of bears to press lower, breaking below the 18.5k and 19.5k support. Instead, the October 13 bear bar is rekindling demand, buoying the confidence of decimated traders. As it is, aggressive traders may find entries to fade the primary bear trend of September 13. This bright overview is valid if prices are above 19k. Any break above 20.5k may yank BTC to new weekly highs in what could possibly be the resumption of the trend set in motion in mid-June, pumping BTC toward 22.5k.
What to Expect from #BTC?
Buyers are confident, following gains of the past two trading days. Even so, BTCUSDT prices are still within a consolidation zone, capped inside a 2k trading range. Unless there are solid, high-volume gains above 20.5k, sellers remain in charge despite the expansion of October 13.
Resistance level to watch out for: 20.5k
Support level to watch out for: 18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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