Technical Analysis for BTCUSD for 11th November 2022
Bitcoin Remains in a Bear Breakout Formation despite the 13% Bounce
Past Performance of BTC
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
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