Technical Analysis for BTCUSD for 18th November 2022
Bitcoin in a Narrow $3k Range, Bulls Expect more Upside from $15.5k
Past Performance of BTC
Bitcoin prices are in a tight range, and volumes are lower as the market appears to steer clear until there is a clear trend definition in the short term. Overly, bears have the upper hand, but even though the events of mid-last week shape the current trend, prices are within a narrow trading zone, inside a bear flag. As it is, the primary support is at $15.5k, the sell trigger.
Bitcoin Technical Analysis
Presently, Bitcoin is bearish and prices below $18.5k and $17.5k, marking Q3 2022 lows. At spot rates, BTC is tethered close to this year's lows, and the coin is likely to slip lower, dropping below $15.5k. Technically, prices are within a bear flag. There are higher highs relative to the upper BB, signaling strength. Still, unless prices are above $18.5k, bears are in control from an effort-versus-result perspective. Therefore, as long as prices are within the November 9 bearish engulfing bar, traders can short on every pullback, targeting this week's lows at $15.5k. More losses will trigger panic in the market, forcing BTC towards $12k.
What to Expect from BTC
BTC is still flimsy, and the uptrend is backed by dismally low trading volumes. Inside a bear flag, traders might search for shorts below $18.5k. However, gains above November 9 highs will disqualify the current preview, swinging price action in favor of depressed bulls.
Resistance level to watch: $18.5k
Support level to watch: $15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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CryptoAltum does not accept any clients under the age of 18.