Technical Analysis for BTCUSD for 9th November 2022
Bitcoin Crashes to Print New 2022 Lows, BTC Support at $17.5k
Past Performance of BTC
Bitcoin fell on November 8, slumping to as low as $17.1k and registering new 2022 lows. At this pace, sellers are squarely in control. As such, BTC will likely continue dropping in the days ahead as traders and investors scamper for safety. A notable development is that there is a firm rejection of $21k, as the November 8 bear bar shows.
Bitcoin Technical Analysis
Bears are in control, and BTC is snapping back to the bear trend of the better part of H1 2022. As it is, the bearish engulfing bar of November 8 will define the short to medium-term trend. Since it is wide-ranging and with high trading volumes, dropping from $21k, traders can unload every retracement towards $20k. The immediate target will be $17.5k and later $17.1k in a bear trend continuation formation. This preview will hold as long as prices trend below the psychological support zone of $20k and $20.5k.
What to Expect from BTC
Sellers are in a commanding position, and the sentiment is quickly shifting mainly because of fundamental factors. Presently, Bitcoin has resistance at $20k with flimsy support at $17.5k that can be breached at any time.
Resistance level to watch: $20k
Support level to watch: $17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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