Bitcoin Rising as a H&S Pattern Forms with Resistance at $22k
Past Performance of Bitcoin
Bitcoin prices are roughly 22 percent from 2022 lows when writing. However, prices are still within a broader 3.2k trade range with an identifiable liquidation line at 22k. There could be more gains in the short term if there is a decisive, high volume close above immediate resistance levels, clear in the daily chart. Presently, buyers appear to be in control.
#Bitcoin Technical Analysis
There are hints of strength at spot rates. However, there is also the risk of the dreaded head and shoulder pattern forming if there is no solid push above 22k. Notably, the upside momentum seems to be slowing down in the daily and 4HR charts. The primary resistance level stands at 22k. Risk-on traders can therefore wait for a solid close above this line for trend definition, with the immediate target being
23K if buyers take over. Conversely, any contraction from last week's highs would complete the head-and-shoulder pattern in a bearish pattern, amplifying the risk of BTC cratering back to 19k.
What to Expect from #BTC?
Bitcoin is at a crux when writing, reading from the formation in the daily chart. For Bitcoin's uptrend to take shape, there must be a solid close above 22k with increasing participation to indicate trade conviction and signal bottoming prices. Losses below 20.5k may puncture the upside momentum, even triggering a sell-off.
Resistance level to watch out for: 22k
Support level to watch out for: 20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are roughly 22 percent from 2022 lows when writing. However, prices are still within a broader 3.2k trade range with an identifiable liquidation line at 22k. There could be more gains in the short term if there is a decisive, high volume close above immediate resistance levels, clear in the daily chart. Presently, buyers appear to be in control.
#Bitcoin Technical Analysis
There are hints of strength at spot rates. However, there is also the risk of the dreaded head and shoulder pattern forming if there is no solid push above 22k. Notably, the upside momentum seems to be slowing down in the daily and 4HR charts. The primary resistance level stands at 22k. Risk-on traders can therefore wait for a solid close above this line for trend definition, with the immediate target being
23K if buyers take over. Conversely, any contraction from last week's highs would complete the head-and-shoulder pattern in a bearish pattern, amplifying the risk of BTC cratering back to 19k. What to Expect from #BTC?
Bitcoin is at a crux when writing, reading from the formation in the daily chart. For Bitcoin's uptrend to take shape, there must be a solid close above 22k with increasing participation to indicate trade conviction and signal bottoming prices. Losses below 20.5k may puncture the upside momentum, even triggering a sell-off.
Resistance level to watch out for: 22k
Support level to watch out for: 20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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