For the third quarter of 2022, Bitcoin had bullish inception during the first month upon which it had a build-up to test the major resistance level of $25K during August. The price action formed a rising channel pattern before facing significant retracement from the resistance level. The retracement somehow settled at the psychological mark of $20K and maintained temporary sustainability, however, by the end of August, the level was too broken. During the last month of the quarter, the world’s largest cryptocurrency was on the brink of breaking below the crucial support level of $18K but had a strong bounceback and retested the resistance present at $22.5K but failed to have a positive breakout and faced sharp retracement again.
The price action pattern is witnessed for the second consecutive time which can indicate that between the price level of $22K to $25K, there are a great number of sellers expecting to encash their BTC
Since then, BTC is looking to have a positive and sustainable breakout above the 0.786 FIB level based on the Fibonacci retracement table. It also suggests that bitcoin can face strong resistance at 0.5 FIB level and 0.382 FIB level respectively
Considering technical indicators, the RSI level had been quite volatile throughout the quarter by entering overbought and oversold regions on multiple occasions reflecting upon the price rebound between the range of $18K to $25K. MACD level also reflects similar nature as it had multiple breakouts both below and above the histogram. Considering future prospectus, MA-20 just had a positive crossover against MA-50 which may provide some positive momentum for BTC in the upcoming days. The RSI level is also forming a rising channel pattern while the MACD level has again climbed above the histogram. Overall resistance levels can be placed at $21K and $25K. On the negative side, support levels can be placed at $17K and $15K
The price action pattern is witnessed for the second consecutive time which can indicate that between the price level of $22K to $25K, there are a great number of sellers expecting to encash their BTC
Since then, BTC is looking to have a positive and sustainable breakout above the 0.786 FIB level based on the Fibonacci retracement table. It also suggests that bitcoin can face strong resistance at 0.5 FIB level and 0.382 FIB level respectively
Considering technical indicators, the RSI level had been quite volatile throughout the quarter by entering overbought and oversold regions on multiple occasions reflecting upon the price rebound between the range of $18K to $25K. MACD level also reflects similar nature as it had multiple breakouts both below and above the histogram. Considering future prospectus, MA-20 just had a positive crossover against MA-50 which may provide some positive momentum for BTC in the upcoming days. The RSI level is also forming a rising channel pattern while the MACD level has again climbed above the histogram. Overall resistance levels can be placed at $21K and $25K. On the negative side, support levels can be placed at $17K and $15K