#Bitcoin in a BB Squeeze as BTC Oscillates within a $2k Zone
Past Performance of Bitcoin
Bitcoin remains in a stubborn trade range, reading from the formation in the daily chart. Prices are wavy within the $19k and $20.5k zone, and bulls, despite the lead from mid-last week, are unable to follow through. Technically, sellers are in control, and prices are within a bear breakout formation below the minor bear flag of the end of September. The only relief for bulls is if there is a refreshing bounce above $20k with increasing trading volumes.
#Bitcoin Technical Analysis
A BB squeeze is forming in the daily chart just as BTC is at near 2022 lows. Risk-on traders expecting to swing the emerging trend can steer clear and wait for trend definition above immediate reaction lines at $18.5k and $20.5k. As it is, liquidation below October lows at around $18k may signal sellers to dig in, forcing the coin back to $17.5k in a bear-trend continuation formation. However, if there are gains above $20.5k and, thus, October highs, BTC may soar to $23k. On the other hand, risk-off traders can align their positions with the current trend, liquidation on any attempt higher with targets at $18.2k. This preview, nonetheless, is valid as long as Bitcoin is below October highs.
What to Expect from #BTC?
Bitcoin traders are cautious per trading volumes in the daily chart. Participation levels have been lower but favorable for buyers because volumes are lower than those registered on October 13. A better trend will, nonetheless, emerge if there are sharp breakouts in either of the immediate reaction levels.
Resistance level to watch out for: $20.5k
Support level to watch out for: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin remains in a stubborn trade range, reading from the formation in the daily chart. Prices are wavy within the $19k and $20.5k zone, and bulls, despite the lead from mid-last week, are unable to follow through. Technically, sellers are in control, and prices are within a bear breakout formation below the minor bear flag of the end of September. The only relief for bulls is if there is a refreshing bounce above $20k with increasing trading volumes.
#Bitcoin Technical Analysis
A BB squeeze is forming in the daily chart just as BTC is at near 2022 lows. Risk-on traders expecting to swing the emerging trend can steer clear and wait for trend definition above immediate reaction lines at $18.5k and $20.5k. As it is, liquidation below October lows at around $18k may signal sellers to dig in, forcing the coin back to $17.5k in a bear-trend continuation formation. However, if there are gains above $20.5k and, thus, October highs, BTC may soar to $23k. On the other hand, risk-off traders can align their positions with the current trend, liquidation on any attempt higher with targets at $18.2k. This preview, nonetheless, is valid as long as Bitcoin is below October highs.
What to Expect from #BTC?
Bitcoin traders are cautious per trading volumes in the daily chart. Participation levels have been lower but favorable for buyers because volumes are lower than those registered on October 13. A better trend will, nonetheless, emerge if there are sharp breakouts in either of the immediate reaction levels.
Resistance level to watch out for: $20.5k
Support level to watch out for: $18.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
