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Technical Analysis for BTCUSD for 29th November 2022

Bitcoin Expands, Will BTC Breach $17.5k?

Past Performance of BTC

The crypto market is back to green and Bitcoin looks solid. Even so, considering the considerable dent posted by altcoins over the same period, the pressure is, nonetheless, on for BTC bulls. At spot rates, Bitcoin prices are steady, and higher, finding an anchor at around $15.5k. Technically, sellers remain in control. Per the formation in the daily chart, the coin could likely drop if buyers fail to flow back to fortify recent gains, pressing prices lower in the sessions ahead.

Bitcoin Technical Analysis

BTC prices have been moving in tight trade ranges in the past few trading sessions; there could be little for buyers to write home about. Presently, BTC prices are higher, recovering losses after a period of distribution following the crash of early November. As buyers attempt to plug the bleed, aggressive traders can wait for entries to liquidate, if prices are below $17.5k. From the daily chart, since prices are within a bear flag and mainly in a bear trend defined by losses in the past trading year, the immediate target is $15.5k. Gains above $17.5k and the bear flag will shift sentiment to favor optimistic buyers.

What to Expect from BTC

The drop in prices on November 28 means bears are squarely in control. It is until there is a surge above the bear flag and $17.5k that buyers can aim to ride the trend, targeting $20k. Bulls have been under immense pressure, and the trend remains southwards.

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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