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Technical Analysis for BTCUSD for 28th November 2022

Bitcoin Inside a Bear Flag below the $1k Liquidation Level

Past Performance of BTC

Bitcoin, like the rest of the crypto market, remains in consolidation, reading from the performance in the daily chart. As it is, sellers remain in control unless there is a decisive surge above the $17.5k and $18.5k resistance zone. Even so, after sharp losses from November 2021 peaks, Bitcoin prices may recover, bouncing higher after dropping to as low as $15.5k in early November 2022.

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

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

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