Technical Analysis for BTCUSD for 11th November 2022
Bitcoin Remains in a Bear Breakout Formation despite the 13% Bounce
Past Performance of BTC
Bitcoin is up 13 percent from November 9 lows and there is a green bar in the daily chart. While positive, BTC is not out of the woods, just yet. If anything, bears are in charge and during the NY session, though prices ended up higher, there were hints of liquidation. As it is, sellers may search for entries, and align themselves with the trend defining bar of November 9.
Bitcoin Technical Analysis
Bitcoin is within a bear breakout formation, following losses below June 2022 lows on November 9. A distinguishing pattern is that the bar is with high trading volumes and is wide-ranging. Through the bar, the coin tanked below $17.5k as BTC fell to $15.5k. In the short term, the immediate resistance is at $17.5k. Therefore, as long as prices are below June 2022 lows, traders can unload on every attempt higher, and target November 2022 lows at $15.5k. Any expansion above $17.5k and $18.5k may prop buyers but it is until BTC is firm above $20k is when the coin could have solid anchors for a turn around.
What to Expect from BTC
Bitcoin is under pressure and the coin within a bear breakout formation. The November 9 bear bar defines the short term trajectory. As such, aggressive traders can trade the bear breakout, targeting this week’s lows provided prices are below $17.5k.
Resistance level to watch: $17.5k
Support level to watch: $15.5k
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.