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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.

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