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.
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.
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.