Bitcoin Technical Analysis Report | 05th-Sept-2022

Bitcoin bounces from its key underlying support, and ADA, ATOM, FIL and EOS ought to break out. Weakness in US stock markets brought Bitcoin (BTC) back below $20,000 on September 2nd and the bears kept the price below the $20,000 level over the weekend. This brought Bitcoin’s market dominance to under 39% on September 4th, the lowest since June 2018, as per the data from CoinMarketCap. The volumes have swelled by more than 18% for the asset. The dominance for BTC has gone down  and currently stands at 38.72%

At the time of writing, BTC was trading at $19,885.

Bitcoin Chart | 5th Sept 2022
Bitcoin (BTC) Chart

Bitcoin was hovering just below the $20k mark with low volumes over the weekend. On a daily time frame, the asset was trading in a ‘Rising Channel’ pattern and gave a breakout on the downside on 26th August. Post this move, BTC has been trading sideways in a narrow range from $19,500 to $20,500 forming a ‘Rectangular Pattern’. Breakouts on either side of the range will further decide the trend for the asset. BTC has a strong support at $19,500 and $17,500, whereas $20,750 and $22,000 will act as strong resistance.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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