Technical Analysis for BTCUSD for 26th October 2022
Bitcoin Traders Rejuvenated, will BTC break above $20.5k?
Past Performance of BTC
Bitcoin prices are gradually inching closer to $20k, a crucial psychological reaction level for traders and analysts. Following gains on October 25, BTC bulls are rejuvenated. The coin could rally this week, shaking off the weakness of the better part of Q3 2022. In all, BTC prices are range bound, but a breakout could be on the offing if buyers press on, sustaining yesterday's momentum.
Bitcoin Technical Analysis
Defined resistance and support remain at $20.5k and $18.5k, respectively. Since prices have been moving sideways for the last few weeks, there is a clear BB squeeze in the daily chart. Often, BB squeezes precede sharp price breakouts. With BTC down over 60 percent from November 2021 peaks, prices could turn around in upcoming sessions. Aggressive traders can choose to ride yesterday's bull ride, expecting the spill-off to lift prices. On the other hand, conservative BTC traders can wait for a breakout above $20.5k before loading the dips, targeting $23k in the short term. Losses below $18.5k invalidate this preview, swinging price action in favor of determined bears.
What to Expect from BTC
Bears are still dominant, at least from a top-down preview. Nonetheless, if there are gains above $20.5k, the immediate resistance line, BTC may explode higher in a welcomed reversal that might change the fortune of the coin and crypto at large.
Resistance level to watch: $20.5k
Support level to watch: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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