Technical Analysis for BTCUSD for 3rd November 2022
Bitcoin Wavy in a Breakout Pattern, BTC Limit at $21k
Past Performance of BTC
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
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