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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.

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