Technical Analysis for BTCUSD for 25th November 2022
Bitcoin Traders Optimistic, will BTC Break above the Bear Flag?
Past Performance of BTC
There have been attempts for Bitcoin bulls to push prices higher, as apparent in the daily chart. However, BTC prices remain within a tight trade range and bearish, with upsides capped at around $17.5k. Accordingly, despite the general market confidence, sellers remain in charge. BTC's performance largely depends on the reaction at about $15.5k, the primary support.
Bitcoin Technical Analysis
From a top-down preview, bears are in control. This is because prices are within a bear flag with limits at $17.5k and $15.5k on the lower end. As it is, sellers can find liquidating opportunities on every attempt higher below this week's highs. In that case, they can target $15.5k, the base of the wedge flashing with the November 9 lows. This preview, as emphasized, can only change should there be a sharp close above the $17.5k and $18.5k resistance zone, especially if the expansion is with above-average trading volumes.
What to Expect from BTC
The crypto market is higher, but prices are tight, and bears have the upper hand. Unless there are encouraging gains above immediate resistance levels, BTC could snap to align with the dominant trend, forcing prices to $15.5k or worse as per the arrangement in the daily chart.
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.