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

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.

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