Technical Analysis for BTCUSD for 21st November 2022
Bitcoin Contracts in Volumes and Range, BTC Inside a Bear Flag
Past Performance of BTC
Bitcoin prices are in a tight trade range, "spinning" a $700 range. Although this is positive, pointing to slowing bearish momentum, BTC bulls are still weak. Technically, unless there are sharp closes above $17.5k and $18.5k, every high offer entries for aggressive bears target $15.5k—or lower.
Bitcoin Technical Analysis
From the daily chart, BTC prices are under pressure. Even though there are higher highs relative to the lower BB, the coin is still within a bear flag with relatively low trading levels, that is, participation, in the past few trading days. Furthermore, BTC prices are within the bear engulfing bar of November 9, favoring sellers from an effort versus results perspective. As price action syncs with the general bearish trend across the board, sellers might find opportunities to liquidate, targeting $15.5k unless there are sharp gains above $18.5k.
What to Expect from BTC
There are signals of BTC strength, reading from the formation in the daily chart. However, sellers remain in charge as prices trade in a tight trade range with caps at a $1k zone with clear liquidation levels at $18.5k and $17.5k. Therefore, as everything aligns to favor sellers, traders might look to find shorts in the immediate term.
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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CryptoAltum does not accept any clients under the age of 18.