Technical Analysis for BTCUSD for 14th November 2022
Bitcoin Down 23%, BTC Bears Set Sight on $15.5k
Past Performance of BTC
Bitcoin is down 23 percent week to date and relatively weaker, reading from the performance in the daily chart. The crash of mid-last week and the failure of bulls to flow back, supporting prices, affirm the presence of sellers and even more possibilities of sharp losses in the months ahead. Technically, the path of least resistance remains southwards, and sellers might search for entries to liquidate on pullbacks.
Bitcoin Technical Analysis
Last week's weekly bar is bearish, engulfing, and wide-ranging. Losses below June 2022 lows with increasing trading volumes point to weakness. Subsequently, from the daily chart, sellers can unload on every attempt higher towards $17.5k with first targets at $15.5k in the short term and $12k, the 2019 highs as their second target if sellers press on. Supporting this preview is the level of participation and the volatility of last week. Despite stability at the tail end of last week, BTC prices are in range mode, supporting sellers from an effort versus result perspective.
What to Expect from BTC
Unless there is an intervention, Bitcoin is bearish, and the coin may slump to new 2022 lows in the weeks ahead. BTC prices are within the November 9 bear range, an indicator of weakness, backing sellers.
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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