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Technical Analysis for BTCUSD for 28th October 2022

Bitcoin Slow Down but BTC Upsides Valid as Traders Eye $23k

Past Performance of BTC

Bitcoin prices might be suppressed at spot rates. Still, the path of least resistance is northwards as per the candlestick arrangement in the daily chart. BTC is within a bullish breakout formation, trading above $20k on the back of decent trading volumes. As long as prices are around or retesting the range of the recent squeeze, then every low may offer an opportunity for traders to double down on their longs, targeting September and August 2022 highs, respectively.

Bitcoin Technical Analysis

Traders are bullish, expecting the formation of the first half of the week to continue. As BTC steadies, backed by a decent participation level in a welcomed breakout formation, buyers are firm and optimistic. Technically, every retracement from spot levels toward $20k may complete a retest following this week's gains. If buyers hold, cap the drop, and there is a bounce, the resumption of trend in lower time frames may be the foundation for the next leg up to $23k and later $25k, both of which are critical resistance lines of Q3 2022.

What to Expect from BTC

There are signs of refreshing recoveries even though BTC is capped within a bear formation from a top-down preview. Still, the surge of early this week pointed to strength and a foundation for a possible anchor towards $23k in the short term. Dumps below $20k and $18.5k invalidate this preview, paving the way for even more liquidations in the short term.

Resistance level to watch: $23k

Support level to watch: $20.k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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