Technical Analysis for BTCUSD for 3rd November 2022
Bitcoin Wavy in a Breakout Pattern, BTC Limit at $21k
Past Performance of BTC
Bitcoin is bullish, but prices are wavy, reading from the formation in the daily chart. Overall, the coin is within a bullish breakout formation. This forecast and expectation of even more gains in the days ahead is because prices are trending above the $20k and $20.5k support zone, above the previous BB Squeeze. As it is, traders can load the dips above support limits, expecting more gains in the short term.
Bitcoin Technical Analysis
Bitcoin prices remain in range and stuck within last week's trade zone. Traders have failed to clearly define the short-term trend though the coin is bottoming up. Notably, there are clear lower lows versus the upper BB in the daily chart. Traders can buy the coin above $20k, targeting September 2022 highs at $23k in the next few days, especially if there are sharp gains above last week's highs at $21k. However, if there are retracements deeper below $20k, this preview will be valid, and BTC may drop to $18.5k in a retest. On the other hand, a sharp bull bar above $23k will be reassuring, even reinvigorating traders and drawing buyers.
What to Expect from BTC
Traders are hopeful of more gains. Even so, the failure of buyers to push above $23k points to weakness. Technically, BTC bulls remain in a bullish breakout formation and within the shadows of last week's confident traders.
Resistance level to watch: $21k
Support level to watch: $20k
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.