This website uses cookies to ensure you get the best experience on our website

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.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020