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Forex Analysis & Reviews: Bitcoin's upside invalidated, 15,632 as key support
time 28.11.2022 10:00 PM
time Relevance up to, 29.11.2022 10:00 PM

The price of Bitcoin slipped lower after reaching the 16,783 level. Now, it is trading at 16,178 at the time of writing. In the short term, it could move sideways as the price seems undecided.

The cryptocurrency dropped by 3.51% from yesterday's high of 16,587 to 16,004 today's low. In the last 7 days, BTC/USD is up by 1.21%.

BTC/USD Strong Downside Pressure!

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From the technical point of view, BTC/USD is trapped between 15,632 and 16,783 levels. It could extend its sideways movement in the short term. Only escaping from the current range could bring new trading opportunities.

After escaping from the triangle pattern, the rate was expected to develop a leg higher. Still, unfortunately, the rate failed to jump and close above 16,783 signaling strong downside pressure.

BTC/USD Forecast!

A new lower low, dropping and closing below 15,632 validates more declines. This helps the traders to go short on BTC/USD.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2023
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