#Bitcoin in a narrow $3k range, bulls expect more upsides
Past Performance of Bitcoin
Bitcoin prices are in a tight range, and volumes are lower as the market appears to steer clear until there is a clear trend definition in the short term. Overly, bears have the upper hand, but even though the events of mid-last week shape the current trend, prices are within a narrow trading zone, inside a bear flag. As it is, the primary support is at 15.5k, the sell trigger.
#Bitcoin Technical Analysis
Presently, Bitcoin is bearish and prices below 18.5k and 17.5k, marking Q3 2022 lows. At spot rates, BTC is tethered close to this year's lows, and the coin is likely to slip lower, dropping below 15.5k. Technically, prices are within a bear flag. There are higher highs relative to the upper BB, signaling strength. Still, unless prices are above 18.5k, bears are in control from an effort-versus-result perspective. Therefore, as long as prices are within the November 9 bearish engulfing bar, traders can short on every pullback, targeting this week's lows at 15.5k. More losses will trigger panic in the market, forcing BTC towards 12k.
What to Expect from #BTC?
BTC is still flimsy, and the uptrend is backed by dismally low trading volumes. Inside a bear flag, traders might search for shorts below 18.5k. However, gains above November 9 highs will disqualify the current preview, swinging price action in favor of depressed bulls.
Resistance level to watch out for: 18.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin prices are in a tight range, and volumes are lower as the market appears to steer clear until there is a clear trend definition in the short term. Overly, bears have the upper hand, but even though the events of mid-last week shape the current trend, prices are within a narrow trading zone, inside a bear flag. As it is, the primary support is at 15.5k, the sell trigger.
#Bitcoin Technical Analysis
Presently, Bitcoin is bearish and prices below 18.5k and 17.5k, marking Q3 2022 lows. At spot rates, BTC is tethered close to this year's lows, and the coin is likely to slip lower, dropping below 15.5k. Technically, prices are within a bear flag. There are higher highs relative to the upper BB, signaling strength. Still, unless prices are above 18.5k, bears are in control from an effort-versus-result perspective. Therefore, as long as prices are within the November 9 bearish engulfing bar, traders can short on every pullback, targeting this week's lows at 15.5k. More losses will trigger panic in the market, forcing BTC towards 12k.
What to Expect from #BTC?
BTC is still flimsy, and the uptrend is backed by dismally low trading volumes. Inside a bear flag, traders might search for shorts below 18.5k. However, gains above November 9 highs will disqualify the current preview, swinging price action in favor of depressed bulls.
Resistance level to watch out for: 18.5k
Support level to watch out for: 15.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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