Relevance up to 14:00 2022-06-18 UTC–4
Technical market outlook of Bitcoin (cryptocurrency) :
Trading Bitcoin (BTC/USD) : Bitcoin is at an all-time lowest against the dollar around the spot of $20,089 – Bitcoin is inside in downward channel. Since three weeks BTC/USD decreased within an down channel, for that Bitcoin hits new lowest $22k, $21k and $20,089. Consequently, the first resistance is set at the level of $21,183. Hence, the market is likely to show signs of a bearish trend around the area of $21,183 and $20,765. Bitcoin price could be awaiting a major downswing if the digital savings manages to slice below a fatal line of the first resistance that sets at the price of $21,183 (Horizontal black line). The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of $21,183. Psychological level has already set at the price of $20,000. If the BTC/USD fails to break through the support prices of $20,000 today, the market will rise further to $21,183 so as to try to break it. Bitcoin is one the best overall investment for 2022 and coming years. However, if you want to try to improve the growth of Bitcoin, thus it seems great to buy above the last bearish waves of $20,000 and $20,100. Buy orders are recommended above the majors support rates of ($20,000 and $20,100.) with the first target at the level of $21,183. Furthermore, if the trend is able to breakout through the first resistance level of $21,183. We should see the pair climbing towards the next target of $21,521 (to test the 50% of Fibonacci retracement levels). The pair will move upwards continuing the development of the bullish trend to the level $21,859 – golden ratio 61.8%. It might be noted that the level of $21,859 is a good place to take profit because it will form a new double top in coming hours.
Trading recommendations :
The trend is still bullish as long as the price of $20,000 is not broken. Thereupon, it would be wise to buy above the price of at $20,000 with the primary target at $21,183. Then, the BTC/USD pair will continue towards the second target at $ $21,521 (a new target is around $21,859).
Alternative scenario :
The breakdown of $20,000 will allow the pair to go further down to the prices of $19k and $18k.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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