#Bitcoin Slips, BTC Bulls Crumbling under a Liquidation Wave
Past Performance for #Bitcoin
Bitcoin is fragile, and as a reflection of the whole state of the crypto market, traders are apprehensive. Trading volumes are beginning to take a hit. From the daily chart, BTC is down three percent on the last trading week and inching closer to $19k. Overall, sellers remain in control, and BTCUSDT price action is beating, in sync with the trend-defining bar of September 13. Accordingly, as per the present formation, traders can continue trading with the prevailing trend, unloading on every attempt higher but below $20.5k.
#Bitcoin Technical Analysis
Presently, the path of least resistance is southwards, and sellers have a clear upper hand. As long as BTC's upsides are below $20.5k and last week's highs, every attempt higher would offer unloading opportunities for traders angling for $18.5k and later $17.5k. This preview aligns with the September 13 wide-ranging bear bar and that of August 19 candlesticks. These bars were conspicuously bearish and trend-continuing in nature, indicating intense liquidation and continuous grip by bears. On a more cautious approach, conservative traders can wait for how prices react at the $17.5k and $18.5k support zone. Further losses could lead to panic selling, pushing BTC below the primary support and registering new 2022 lows.
What to Expect from #BTC?
Bulls have been unable to break loose and continue to post more losses despite the general optimism in the crypto markets. The immediate resistance line is $20.5k, but if BTC slips below $19k, the odds of further liquidation below critical support levels will be amplified.
Resistance level to watch out for: $20.5k
Support level to watch out for: $19k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin is fragile, and as a reflection of the whole state of the crypto market, traders are apprehensive. Trading volumes are beginning to take a hit. From the daily chart, BTC is down three percent on the last trading week and inching closer to $19k. Overall, sellers remain in control, and BTCUSDT price action is beating, in sync with the trend-defining bar of September 13. Accordingly, as per the present formation, traders can continue trading with the prevailing trend, unloading on every attempt higher but below $20.5k.
#Bitcoin Technical Analysis
Presently, the path of least resistance is southwards, and sellers have a clear upper hand. As long as BTC's upsides are below $20.5k and last week's highs, every attempt higher would offer unloading opportunities for traders angling for $18.5k and later $17.5k. This preview aligns with the September 13 wide-ranging bear bar and that of August 19 candlesticks. These bars were conspicuously bearish and trend-continuing in nature, indicating intense liquidation and continuous grip by bears. On a more cautious approach, conservative traders can wait for how prices react at the $17.5k and $18.5k support zone. Further losses could lead to panic selling, pushing BTC below the primary support and registering new 2022 lows.
What to Expect from #BTC?
Bulls have been unable to break loose and continue to post more losses despite the general optimism in the crypto markets. The immediate resistance line is $20.5k, but if BTC slips below $19k, the odds of further liquidation below critical support levels will be amplified.
Resistance level to watch out for: $20.5k
Support level to watch out for: $19k
Disclaimer: Opinions expressed are not investment advice. Do your research.
