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

Technical Analysis for BTCUSD for 27th October 2022

Bitcoin breaks out from BB Squeeze, BTC Could Surge 20% to $25k

Past Performance of BTC

Bitcoin has been ripping higher in the last 48 hours and trending at new October highs, marking Q4 2022 highs. The level of trader participation and the range covered in the past few days points to a possible shift in trend. Notably, BTC is within a bullish breakout, surging above the previous BB Squeeze, injecting confidence into traders. As it is, traders might find entries on dips above $20.5k.

Bitcoin Technical Analysis

Two solid bull bars align with the upper BB, indicating high momentum in a bullish breakout formation. Since the two candlesticks of the past 48 hours are along the upper BB, traders might find loading opportunities above the previous resistance at $20.5k. In that case, every dip presents a loading opportunity for aggressive traders angling at $22.5k, that is, September highs. Further gains could see BTC troupe to $25k or August 2022 highs in buy trend continuation formation.

What to Expect from BTC

Bulls are breaking loose after an extended period of depressed price action. As it is, buyers are in control, and traders can add to their longs as sentiment and technical candlestick formation shift to favor the upsides.

Resistance level to watch: $23k

Support level to watch: $20.5k

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. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020