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Technical Analysis for BTCUSD for 31st October 2022

Bitcoin Up 14% from September Lows, BTC Likely to Break Above $23k

Past Performance of BTC

Bitcoin is up 14 percent from September lows, and buyers are relatively firm. From the daily chart, BTC bulls stand a chance, and there could be more upsides in the days ahead despite the slowdown. With prices above $20.5k, buyers may likely flow back, building on last week's gains to propel the coin above $21k.

Bitcoin Technical Analysis

BTC bulls are in control, and every low offers an entry for aggressive traders to load up. Bull bars align with the upper BB, pointing to support for the upside. Since prices are also within the October 25 bull bar, buyers have the upper end from an effort versus results perspective. Therefore, as long as BTC is above the support zone of between $20k and $20.5k, traders can buy the dips, targeting $23k and $25k.

What to Expect from BTC

Last week's gains are refreshing and signal changing trader sentiment after months of depressed free falls. Even so, it is imperative BTC not only break above $23k but also $25k if buyers are to completely shake-off bear attempts. In that case, Bitcoin will align with gains of June to August 2022, possibly setting the base for another leg up to $32k in a buy trend continuation pattern.

Resistance level to watch: $23k

Support level to watch: $20k to $20.5k

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

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