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Technical Analysis for BTCUSD for 23rd November 2022

Bitcoin Stabilizes Inside a $2k Zone, Resistance at $17.5k

Past Performance of BTC

While BTC is stable in the last trading day, adding four percent as price action steadies after sharp losses. Presently, despite gains, the path of least resistance is southwards. Accordingly, buyers must prove their grit, rejecting lower lows for a defined shift in trend. The zone around $15.5k is proving to be a reliable support, per the formation in the daily chart.

Bitcoin Technical Analysis

From the daily chart, there are attempts higher. The long lower wick of November 22 points to strength in the short term. Therefore, while trading volumes were relatively lower, there could be hints of the bear momentum tapering. Still, sellers have the upper hand from a top-down perspective as long as prices are below $17.5k and prices are inside the bearish engulfing bar of November 9. As it is, BTC has support at $15.5k. Aggressive traders can unload on every attempt higher, targeting this week's lows and $12k in the medium term. Conversely, gains above $17.5k with rising trading volumes will provide tailwinds for buyers angling for $20k—or better.

What to Expect from BTC

Sellers are in control despite the expansion on November 22. The immediate resistance zone is between $17.5k and $18.5k. On the lower end, support is at $15.5k. As long as November 8 and 9 define the current price action, bears can liquidate on every attempt higher, targeting critical support levels.

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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