BITCOIN Technical Analysis | 3rd October 2022

    Bitcoin price action could include another surge to $20,500 but beyond that, the overall trend remains firmly bearish for traders. The asset failed to hold $20,000 at September’s monthly close as traders anticipated one last bounce before the further decline. Gloomy financial data from macro markets contributed to a lack of appetite for risky assets, and the outlook remains bleak among crypto traders. The buy-ins are worth $192,000 on the FTX exchange, which could help the upside in the near term. The price of BTC is down by less than 1% while the volume has risen by around 38% respectively. BTC dominance is at about 39.7%. 

     At the time of writing, BTC was trading at $19,185.

    BITCOIN has been trading sideways below its 20-Day Moving Average, forming a ‘Symmetrical Triangle’ pattern from $18,250 to $20,500 over the past two weeks. The asset has a strong support zone from $18,000 to $17,500 ($17,622 Previous Bottom) whereas $20,750 and $22,500 are acting as strong resistance levels. Breakouts on either side of these levels with good volumes will further decide the trend for the asset. Downsloping Moving Averages and RSI below 50 indicate that the bears still have the upper hand. On a broader time frame (Weekly), BTC has made a spinning top candle at $18k, indicating indecision in the trend.

    Key Levels:

    Support 2 Support 1 Asset Resistance 1 Resistance 2
    $15,000 $17,500 BTC $22,500 $28,500

    Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

    The post BITCOIN Technical Analysis | 3rd October 2022 appeared first on ZebPay.

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