Technical Analysis for BTCUSD for 8th November 2022
Bitcoin Flash Crashes below the Bull Flag and $20k
Past Performance of BTC
Bitcoin Technical Analysis
The Bitcoin price is back to bearish for two reasons. Based on the daily chart, BTC is weak, breaking below the bull flag with high trading volumes following today’s losses. At spot rates, prices need to get above $21k to validate buyers and inject momentum. However, as it is, bears have the upper hand since prices are trading above $20k, previous support level. Second, BTC prices are trending lower with comparatively high volumes. At the same time, prices are below the November 4 and 5 bull bars, and the middle BB, invalidating the upside from an effort versus results perspective. Therefore, in line with this formation, traders may unload any attempt higher as long as prices are below the $20k and $20.5k resistance zone, targeting $18.5k.
What to Expect from BTC
The dump of earlier today popped the inflated hopes bulls had on upsides. There are fundamental factors at play heaping pressure on the upsides and diffusing any attempt higher. At this pace, it is likely that BTC could retest $18.5k.
Resistance level to watch: $20k
Support level to watch: $18.5k
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