Technical Analysis for BTCUSD for 16th November 2022
Bitcoin Bears Slowing Down, BTC Bulls Find Support at $15.5k
Past Performance of BTC
Bitcoin prices closed higher on November 15, slowing down bears. In the last 24 hours, the coin is up three percent versus the USDT. Even though traders are hopeful, there must be a clean close above November 9 highs, breaking above the current bear flag of early this week. All the same, the path of least resistance remains southwards, and buyers are under pressure.
Bitcoin Technical Analysis
The daily chart shows BTC prices are in range mode within a bear breakout formation. The series of higher highs relative to the lower BB means the selling momentum is fizzling. Bitcoin is still within the bear flag established earlier this week. Moreover, prices are within the November 9 bear candlestick. Although there was recovery, there needs to be a sharp close above $17.5k and $18.5k if buyers are to take charge—the current setup swings to favor sellers. Therefore, every high offer entry for aggressive sellers to dump, targeting $15.5k and later $12k.
What to Expect from BTC
Although there are hints of strengths following gains of November 14 and 15, Bitcoin is under pressure. Sellers remain in charge as prices consolidate within a tight $2k to $3k trade range. Therefore, as long as $17.5k stands, BTC can, at any time, cave in.
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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