#Bitcoin Bottoming Up, Rallies 9% and BTC Retained above $20.7k
Past Performance of Bitcoin
Bitcoin's performance in the second half of last week was nothing short of impressive. At the start of the week, prices are stable, but the coin is up nine percent in the previous week of trading. Notably, BTC is within a bullish breakout formation surging above two critical resistance levels (now support) at 19.7k and 20.7k. As it is, buyers are on top of proceedings, and traders may look to align their entries with the conspicuous bull bar of September 9.
#Bitcoin Technical Analysis
Bitcoin is within a bullish breakout formation, reading from the daily chart. Notably, the September 9 bull bar is wide-ranging and backed by high trading volumes, as observed in the second half of last week. As BTC bottoms up, aggressive traders can search for entries above 20.7k, expecting to ride the leg up towards 23.5k as buyers reverse the losses of August 19. Immediate gains above this bear bar would mark the resumption of bulls and possibly another rally towards 30k.
What to Expect from #BTC?
Buyers are confident following the September 9 bull bar. The bullish engulfing bar reversed losses for the better part of August. Even though there has been no solid follow-through, optimistic traders can take advantage of the opportunity to load the dips provided prices are above 20.7k.
Resistance level to watch out for: 23.5k
Support level to watch out for: 20.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin's performance in the second half of last week was nothing short of impressive. At the start of the week, prices are stable, but the coin is up nine percent in the previous week of trading. Notably, BTC is within a bullish breakout formation surging above two critical resistance levels (now support) at 19.7k and 20.7k. As it is, buyers are on top of proceedings, and traders may look to align their entries with the conspicuous bull bar of September 9.
#Bitcoin Technical Analysis
Bitcoin is within a bullish breakout formation, reading from the daily chart. Notably, the September 9 bull bar is wide-ranging and backed by high trading volumes, as observed in the second half of last week. As BTC bottoms up, aggressive traders can search for entries above 20.7k, expecting to ride the leg up towards 23.5k as buyers reverse the losses of August 19. Immediate gains above this bear bar would mark the resumption of bulls and possibly another rally towards 30k.
What to Expect from #BTC?
Buyers are confident following the September 9 bull bar. The bullish engulfing bar reversed losses for the better part of August. Even though there has been no solid follow-through, optimistic traders can take advantage of the opportunity to load the dips provided prices are above 20.7k.
Resistance level to watch out for: 23.5k
Support level to watch out for: 20.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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