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Technical Analysis for BTCUSD for 17th November 2022

Bitcoin Contracts, BTC Prices Trending inside a Bear Engulfing Bar and Flag

Past Performance of BTC

Although many analysts are convinced Bitcoin is in "deep value" territory, BTC bulls appear weak and prices under pressure at press time. From the daily chart, the coin is down three percent on the last trading day, trending lower from this week's highs and $17.5k. At this pace, sellers will likely press on, targeting the previous week's lows in a trend continuation formation.

Bitcoin Technical Analysis

The path of least resistance remains southwards, and sellers are in control. Even though there were attempts for higher highs as prices diverged from the lower BB, every high may offer liquidation opportunities. Presently, BTCUSDT prices are within the bear flag and inside the bear engulfing bar of November 9, aligning with the general trend of last week. The resistance is $17.5k, meaning sellers can unload on every high, targeting $15.5k. Considering sharp losses over the past year, Bitcoin might be in line to recover. However, this depends on how prices react at $17.5k and $18.5k Losses below $15.5k will pull in more sellers, forcing the coin towards $12k.

What to Expect from BTC

Sellers are in a commanding position, and prices are dropping. At this pace, traders can unload the dips provided prices are below $17.5k and inside the bear flag, aligning with the dominant trend.

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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