This website uses cookies to ensure you get the best experience on our website

Technical Analysis for BTCUSD for 26th November 2021

BTC May Retest $60k, A Bitcoin 'Dead Cat Bounce'?

Past Performance of BTC

There is an encouraging recovery in the BTCUSDT daily chart. 

Still, considering the low trading volumes accompanying the leg up, it is clear that sellers are still in a pole position from an Effort-versus-Results perspective. 

Ideally, a close above $60k and November 18 might signal increasing upward momentum and strength. 

However, this also must be with above-average trading volumes.

What to Expect of BTC

Technically, BTC is within a bear breakout pattern. 

The inability of sellers to unwind losses and close above the consolidation at $60k points to weakness. 

It is the case even with the series of higher highs relative to the lower BB. 

A close above November 18 highs might draw demand, emboldening buyers targeting $64k. 

Conversely, a shock drop below $55k in line with the November 16 bear bar could accelerate the sell-off, forcing BTC back below $53k.

Bitcoin Technical Analysis

This week's gains might be a dead cat bounce if BTC bulls fail to close above $60k. 

Overall, BTC bulls are struggling from a volume perspective. 

Low participation levels only slow down buyers and may reaffirm the downtrend if prices fail to edge higher today. 

In that case, BTC may collapse back below $55k, heaping more pressure on the uptrend. 

Risk-averse traders may wait for better entries above $60k or below $55k before aligning with the trend.

Resistance level to watch: $60k

Support level to watch: $55k

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. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020