#Bitcoin Crashes to Print New 2022 Lows, BTC support at $17.5k
Past Performance of Bitcoin
Bitcoin fell on November 8, slumping to as low as 17.1k and registering new 2022 lows. At this pace, sellers are squarely in control. As such, BTC will likely continue dropping in the days ahead as traders and investors scamper for safety. A notable development is that there is a firm rejection of 21k, as the November 8 bear bar shows.
#Bitcoin Technical Analysis
Bears are in control, and BTC is snapping back to the bear trend of the better part of H1 2022. As it is, the bearish engulfing bar of November 8 will define the short to medium-term trend. Since it is wide-ranging and with high trading volumes, dropping from 21k, traders can unload every retracement towards 20k. The immediate target will be 17.5k and later 17.1k in a bear trend continuation formation. This preview will hold as long as prices trend below the psychological support zone of 20k and 20.5k.
What to Expect from #BTC?
Sellers are in a commanding position, and the sentiment is quickly shifting mainly because of fundamental factors. Presently, Bitcoin has resistance at 20k with flimsy support at 17.5k that can be breached at any time.
Resistance level to watch out for: 20k
Support level to watch out for: 17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
Bitcoin fell on November 8, slumping to as low as 17.1k and registering new 2022 lows. At this pace, sellers are squarely in control. As such, BTC will likely continue dropping in the days ahead as traders and investors scamper for safety. A notable development is that there is a firm rejection of 21k, as the November 8 bear bar shows.
#Bitcoin Technical Analysis
Bears are in control, and BTC is snapping back to the bear trend of the better part of H1 2022. As it is, the bearish engulfing bar of November 8 will define the short to medium-term trend. Since it is wide-ranging and with high trading volumes, dropping from 21k, traders can unload every retracement towards 20k. The immediate target will be 17.5k and later 17.1k in a bear trend continuation formation. This preview will hold as long as prices trend below the psychological support zone of 20k and 20.5k.
What to Expect from #BTC?
Sellers are in a commanding position, and the sentiment is quickly shifting mainly because of fundamental factors. Presently, Bitcoin has resistance at 20k with flimsy support at 17.5k that can be breached at any time.
Resistance level to watch out for: 20k
Support level to watch out for: 17.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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