Technical Analysis for BTCUSD for 28th November 2022
Bitcoin Inside a Bear Flag below the $1k Liquidation Level
Past Performance of BTC
Bitcoin Technical Analysis
Bitcoin prices are in a squeeze. Besides, there are higher highs relative to the lower BB, pointing to strength. Since prices are also within a bear flag and the primary trend remains bearish from a top-down preview, aggressive sellers may liquidate every attempt higher as long as prices are below $17.5k. In that case, the immediate target is $15.5k, the primary support marking November 2022 lows. Considering the current state of price action, conservative traders can wait until there is a clear trend definition. A lift-off above $17.5k may trigger demand, lifting Bitcoin to $20k or better.
What to Expect from BTC
The current technical candlestick formation favors sellers per the candlestick arrangement in the daily chart. In the days ahead, risk-on traders can wait for a clean close above $17.5k or below $15.5k before committing.
Resistance level to watch: $17.5k
Support level to watch: $15.5k
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