#Bitcoin Up 14% from September Lows, BTC may Break Above $23k
Past Performance of Bitcoin
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 out for: $23k
Support levels to watch out for: $20k to $20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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 out for: $23k
Support levels to watch out for: $20k to $20.5k
Disclaimer: Opinions expressed are not investment advice. Do your research.
