Technical Analysis for BTCUSD for 24th November 2022
Bitcoin Oscillates; Bulls Fail to Break $17.5k
Past Performance of BTC
There is an air of invincibility among Bitcoin holders and traders considering the recovery on November 22. However, reading from the drab performance in the daily chart, there is nothing much to call out because BTC is primarily in range. As an illustration, the coin is up three percent in 24 hours but within a bear breakout formation.
Bitcoin Technical Analysis
From the daily chart, BTC is in range, above $15.5k but below the $17.5k resistance level. While it is within a bear breakout formation from a top-down preview, the coin is also trending inside a bear flag. This week's highs at around $17.5k cap the upsides. Therefore, it must be broken for trend continuation towards $18.5k. As it is, aggressive sellers can unload on every attempt higher below the $17.5k and $18.5k resistance zone, targeting a retest of last week's lows at $15.5k.
What to Expect from BTC
BTC is consolidating at spot rates with clear limits in the daily chart. In the days ahead, traders can watch out for how Bitcoin reacts at $15.5k if sellers are to take charge, or at $17.5k, should there be a welcomed recovery. In both instances, triggers would largely be fundamental factors.
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.