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.
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CryptoAltum does not accept any clients under the age of 18.