#Bitcoin Traders Rejuvenated, will BTC break above $20.5k?
Past Performance of Bitcoin
Bitcoin prices are gradually inching closer to 20k, a crucial psychological reaction level for traders and analysts. Following gains on October 25, BTC bulls are rejuvenated. The coin could rally this week, shaking off the weakness of the better part of Q3 2022. In all, BTC prices are range bound, but a breakout could be on the offing if buyers press on, sustaining yesterday's momentum.
#Bitcoin Technical Analysis
Defined resistance and support remain at 20.5k and 18.5k, respectively. Since prices have been moving sideways for the last few weeks, there is a clear BB squeeze in the daily chart. Often, BB squeezes precede sharp price breakouts. With BTC down over 60 percent from November 2021 peaks, prices could turn around in upcoming sessions. Aggressive traders can choose to ride yesterday's bull ride, expecting the spill-off to lift prices. On the other hand, conservative BTC traders can wait for a breakout above 20.5k before loading the dips, targeting
23K in the short term. Losses below 18.5k invalidate this preview, swinging price action in favor of determined bears.
What to Expect from #BTC?
Bears are still dominant, at least from a top-down preview. Nonetheless, if there are gains above 20.5k, the immediate resistance line, BTC may explode higher in a welcomed reversal that might change the fortune of the coin and crypto at large.
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 prices are gradually inching closer to 20k, a crucial psychological reaction level for traders and analysts. Following gains on October 25, BTC bulls are rejuvenated. The coin could rally this week, shaking off the weakness of the better part of Q3 2022. In all, BTC prices are range bound, but a breakout could be on the offing if buyers press on, sustaining yesterday's momentum.
#Bitcoin Technical Analysis
Defined resistance and support remain at 20.5k and 18.5k, respectively. Since prices have been moving sideways for the last few weeks, there is a clear BB squeeze in the daily chart. Often, BB squeezes precede sharp price breakouts. With BTC down over 60 percent from November 2021 peaks, prices could turn around in upcoming sessions. Aggressive traders can choose to ride yesterday's bull ride, expecting the spill-off to lift prices. On the other hand, conservative BTC traders can wait for a breakout above 20.5k before loading the dips, targeting
23K in the short term. Losses below 18.5k invalidate this preview, swinging price action in favor of determined bears.What to Expect from #BTC?
Bears are still dominant, at least from a top-down preview. Nonetheless, if there are gains above 20.5k, the immediate resistance line, BTC may explode higher in a welcomed reversal that might change the fortune of the coin and crypto at large.
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.
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