#Bitcoin Flash Crashed from $22.7k, Dashing BTC Bulls' Hopes
Past Performance of Bitcoin
Bitcoin prices fell yesterday, dropping from around 22.7k to below 20.7k as prices dumped hard ahead of major upgrades on key networks in the next few days. Technically, BTC is back within last week's trade range, sinking below 20.7k support. As it is, there is a risk of BTC slumping back and reversing losses of September 9 to below 18.5k in a bear continuation pattern.
#Bitcoin Technical Analysis
The drop of BTC prices on September 13 meant there is a double bar formation signaling bear resumption. Specifically, yesterday's bar is wide-ranging and engulfing, with relatively high trading volumes pointing to bear participation. Since BTC is back within last week's trade range of between 19.7k and 20.7k, traders can wait for trend formation. The odds of BTC posting more losses in line with yesterday's bar will increase if prices are kept below 20.7k. A rebound above 21k may indicate that the September 13 bar completed the retest, and BTC could recover. If not, more profound losses below 19.7k will nullify this preview, swinging price action to the bearish territory.
What to Expect from #BTC?
Technically, sellers are in control from a top-down preview. This was confirmed by the failure of bulls to sustain prices above 20.7k. The dump on September 13 could trigger the continuation of the second half of the August bear drive. Being on the safe side, BTC bulls have a chance once the price clears August 2022 highs.
Resistance level to watch out for: 22.7k
Support level to watch out for: 19.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices fell yesterday, dropping from around 22.7k to below 20.7k as prices dumped hard ahead of major upgrades on key networks in the next few days. Technically, BTC is back within last week's trade range, sinking below 20.7k support. As it is, there is a risk of BTC slumping back and reversing losses of September 9 to below 18.5k in a bear continuation pattern.
#Bitcoin Technical Analysis
The drop of BTC prices on September 13 meant there is a double bar formation signaling bear resumption. Specifically, yesterday's bar is wide-ranging and engulfing, with relatively high trading volumes pointing to bear participation. Since BTC is back within last week's trade range of between 19.7k and 20.7k, traders can wait for trend formation. The odds of BTC posting more losses in line with yesterday's bar will increase if prices are kept below 20.7k. A rebound above 21k may indicate that the September 13 bar completed the retest, and BTC could recover. If not, more profound losses below 19.7k will nullify this preview, swinging price action to the bearish territory.
What to Expect from #BTC?
Technically, sellers are in control from a top-down preview. This was confirmed by the failure of bulls to sustain prices above 20.7k. The dump on September 13 could trigger the continuation of the second half of the August bear drive. Being on the safe side, BTC bulls have a chance once the price clears August 2022 highs.
Resistance level to watch out for: 22.7k
Support level to watch out for: 19.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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