Bitcoin / TetherUSShort
#Bitcoin Meltdown: Odds of BTC Crashing to $17.5k High
Past Performance of Bitcoin
Bitcoin is stable on the last trading day but down seven percent in the previous week. Per the formation in the daily chart, sellers are still in a commanding position. This preview will remain valid if prices are below 20k, a round number. Currently, BTC traders are keeping a close eye on the coin's formation and whether buyers will maintain prices above 18.5k and, more importantly, 17.5k in short to medium term.
#Bitcoin Technical Analysis
BTCUSDT price is tethered at close to 2022 lows, and sellers dominate, dictating the current price action. From the daily chart, traders may search for entries to liquidate, targeting this week's lows at around 18.3k. If BTC sellers press on, the coin may easily retest 17.5k, the 2022 lows, with an even higher probability of registering new lows. Of note, Bitcoin's price action is shaped in the immediate term by the September 13 bear candlestick. The bar was the basis from where bears unwound gains of September 7 through to 12, aligning Bitcoin to sellers of August 19. Therefore, provided prices are below 22.5k, the odds of BTC slumping further towards 17.5k remains high.
What to Expect from #BTC?
Sellers are in charge and buyers' upside momentum appears to have been vanquished. As mentioned earlier, BTC bulls will only have a chance if there is a relieving recovery above 22.5k, reversing the losses of September 13. If not, BTC may drop below 18.5k and register new 2022 lows in a bear-trend continuation formation.
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 is stable on the last trading day but down seven percent in the previous week. Per the formation in the daily chart, sellers are still in a commanding position. This preview will remain valid if prices are below 20k, a round number. Currently, BTC traders are keeping a close eye on the coin's formation and whether buyers will maintain prices above 18.5k and, more importantly, 17.5k in short to medium term.
#Bitcoin Technical Analysis
BTCUSDT price is tethered at close to 2022 lows, and sellers dominate, dictating the current price action. From the daily chart, traders may search for entries to liquidate, targeting this week's lows at around 18.3k. If BTC sellers press on, the coin may easily retest 17.5k, the 2022 lows, with an even higher probability of registering new lows. Of note, Bitcoin's price action is shaped in the immediate term by the September 13 bear candlestick. The bar was the basis from where bears unwound gains of September 7 through to 12, aligning Bitcoin to sellers of August 19. Therefore, provided prices are below 22.5k, the odds of BTC slumping further towards 17.5k remains high.
What to Expect from #BTC?
Sellers are in charge and buyers' upside momentum appears to have been vanquished. As mentioned earlier, BTC bulls will only have a chance if there is a relieving recovery above 22.5k, reversing the losses of September 13. If not, BTC may drop below 18.5k and register new 2022 lows in a bear-trend continuation formation.
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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