Technical Analysis for BTCUSD for 10th November 2022
Bitcoin Free Falls, BTC on Path to 2019 Highs at $12k
Past Performance of BTC
The Bitcoin and crypto markets are in shambles at press time. BTC is down over 16 percent and over 25 percent from last week's highs in two days. From the daily chart, the drop in prices on November 9 affirms the fear across the board. Considering a slew of fundamental factors lying ahead, compounding the misery for holders. As it is, traders can ride the bear wave as Bitcoin craters to new 2022 lows.
Bitcoin Technical Analysis
Bitcoin sellers are squarely in charge, reading from the formation in the daily chart. A clear observation is that BTC is trading in a bear breakout formation below $17.5k. Since the November 9 bar is wide-ranging and with high trading volumes, there is a high probability of trend continuation. In that case, sellers can double down their shorts, aiming for 2019 highs at around $12k.
What to Expect from BTC
Bitcoin is in tatters, and bears are prowling. In a breakout formation, sellers have the upper hand as long as prices are below $17.5k or H1 2022 lows. Therefore, unless there is a sharp recovery above this resistance line, BTC will remain under pressure in the days ahead.
Resistance level to watch: $17.5k
Support level to watch: $12k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.