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Technical Analysis for BTCUSD for 7th November 2022

Bitcoin Breaks above a Bull Flag, BTC Targets Q3 2022 Highs

Past Performance of BTC

Bitcoin prices are relatively solid at spot rates. After bulls stretched their gains, breaking out from the bull flag and confirming gains of October 25 and 26, there could be more gains in the short term. Presently, prices are within the weekend’s trade range pointing to general trader confidence and bulls.

Bitcoin Technical Analysis

Traders are overly upbeat, and Bitcoin buyers leading the charge despite today’s contractions. The rejection of lower prices in the first week of November confirms that the bottoms might be in. Therefore, as BTC prints higher, traders can search for entries above $20.5k, targeting $23k in a buy trend continuation formation. Considering the BTCUSDT candlestick formation in the daily chart, this preview is solid as long as prices are above the base of last week's bull flag at around $20k.

What to Expect from BTC

Bitcoin is recovering, and prices are up 15 percent from Q3 2022 lows. As BTC edges higher, aligning with last week’s formation, traders can search for entries to load the dips, targeting critical resistance levels of Q3 2022.

Resistance level to watch: $23k

Support level to watch: $20.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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