Bitcoin Technical Analysis Report | 12th-September-2022

Bitcoin and some other altcoins like  ATOM, CHZ and APE are facing resistance at higher levels, but chart patterns suggest the current rally could last for a few more days. The US stock markets rebounded strongly last week, putting the three-week losing streak to an end. Continuing its close correlation with the U.S stock markets, Bitcoin also made a strong comeback, attempting to end the week with gains of more than 7%. The asset is trading at about 2.6% and 1.4%  increase in price and volume respectively in the last 24 hours. BTC’s dominance is at 39.84%.

At the time of writing, BTC was trading at $21,677.

Bitcoin Chart | 12th Sept 2022
Bitcoin (BTC) Chart

BITCOIN was trading in a ‘Rising Channel Pattern’ and after facing stiff resistance at the upper trendline of the pattern, it witnessed a sharp correction and broke the pattern on the downside, making the low of $18,510. Though BTC gave a breakout on the downside, it did not test the previous bottom of $17,622 and reversed from $18,510. The asset showed signs of recovery and rallied up to the $22k mark. BTC is facing strong resistance at around $22,000 (Upsloping Trendline of the Rising Channel). If it closes above the resistance of $22k then we can expect the prices to further rally up to $28k levels.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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