Technical Analysis for BTCUSD for 1st November 2022
Bitcoin Retracts but Critical Support is at $20.5k
Past Performance of BTC
Bitcoin is cooling off at spot rates, reading from the performance in the daily chart. The primary trend remains northwards in the short term since BTC price action is bound by the October 25 and 26 bull bars. The main support remains at $20.5k, and the upside is still valid, ideally above $20k. Presently, the retracement from last week's peaks presents an opportunity for traders to double down on dips, targeting $23k in the medium term.
Bitcoin Technical Analysis
BTC buyers are in control. Despite the cool-off, the coin is within the two defining bars of last week, swinging price action to favor buyers from an effort versus results perspective. As long as prices are above the $20 and $20.5k support zone, traders can accumulate on every dip in anticipation of more gains in the short term. Technically, a sharp upthrust above $21.1k and last week's highs may fast-track the race to $23k in a buy-trend continuation formation. If not, heavy liquidation below $20k may diffuse the upside momentum, weakening bulls.
What to Expect from BTC
Buyers are firm, reading from the formation in the daily chart. However, there are lower lows relative to the upper BB, with tapering trading volumes pointing to waning momentum. Even so, prices are accumulating within a $1.1k zone with caps at $20k and $21.6k zone within the October 25 and 26 bull bars.
Resistance level to watch: $21.1k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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