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Technical Analysis for BTCUSD for 15th November 2022

Bitcoin Remains Under Pressure, BTC Liquidation Wall at $17.5k

Past Performance of BTC

Bitcoin prices are whipsawing at spot rates and BTC is still under pressure, per the performance in the daily chart. Even though prices are relatively higher, bouncing from the depths of last week, the coin is trading below $17.5k, and bears are dominant from a top-down perspective. Accordingly, traders may search for entries aligning with the primary trend established on November 9.

Bitcoin Technical Analysis

From the daily chart, Bitcoin bulls are under pressure, and the coin could slip to new lows in the upcoming sessions. The failure of BTC bulls to pull higher and the continued influx of selling pressure means sellers have the upper hand. Therefore, from a top-down analysis, traders can unload on every attempt higher below $17.5k with targets at $15.5k. Already, there are supporting factors. For instance, BTC bear bars are banding along the lower BB and diverging from the middle BB. This indicates strong bear momentum, which heaps pressure on optimistic bulls.

What to Expect from BTC

Sellers have the upper hand, and Bitcoin may slip lower in the days ahead. The failure of bulls to flow back and push prices higher portends problems for the coin. However, the short-term trend is well-defined, provided BTC is below $17.5k and H1 2022 lows.

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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