BITCOIN MONDAY | 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 2Support 1AssetResistance 1Resistance 2

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