Technical Analysis for BTCUSD for 2nd November 2022
Bitcoin Contracts from $21k after Breakout, is BTC Peaking?
Past Performance of BTC
The Bitcoin uptrend is still valid, but whether it will continue with the same rapidity is still being weighed. From the daily chart, BTC is printing lower lows from the upper BB. However, the contraction is with low trading volumes. Besides, Bitcoin's price action is within a tight trade range above $20k—the immediate support level.
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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