Technical Analysis for BTCUSD for 2nd November 2022
Bitcoin Contracts from $21k after Breakout, is BTC Peaking?
Past Performance of BTC
Bitcoin Technical Analysis
BTC is within a bullish formation. Presently, prices are dropping from last week's highs at around $21k. While this may be a concern, the contraction has comparatively low volumes and prices in range. As it is, BTC bulls may load the dips expecting a solid rebound. However, since the broad picture is bearish, conservative traders may wait for confirmation of October 25 bulls before loading the dips above $21k with eyes on $23k and $25k in the medium term. Drops below $20k will invalidate this preview, swinging price action back to red territory.
What to Expect from BTC
Bitcoin might be in a bullish breakout formation and buyers optimistic. Nonetheless, how BTC prices react at $21k or $20k would shape the immediate trend for Bitcoin—and crypto at large.
Resistance level to watch: $21k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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