Bitcoin Technical Analysis Report | 7th-November-2022

Crypto prices are struggling today as sentiment turns more negative. The FTX crisis and resulting pullback are causing a sell-off in the market. Bitcoin prices are down almost 2% in the last 24 hours but have since recovered 1%. It is currently trading at Rs. 17,25,000. With the Consumer Price Index to be released this week and the US midterm election, the crypto market would face more liquidity and may lead to more volatility. The price has fallen by less than 2% while the volume is up by 14%. BTC’s current dominance is at 38.81%.

At the time of writing, BTC was trading at $20,925.

Bitcoin Chart | 7th November 2022
Bitcoin (BTC) Chart

BITCOIN was trading in a range from $18,000 to $20,550 for almost one and a half months. The asset gave a breakout above the range. However, the bulls struggled to keep the momentum, dropping prices to $20k. BTC tested the support of the 50-Day Moving Average and rallied up to $21,480 but with low volumes. The asset is struggling to sustain itself and is facing rejections at higher levels. To further rally, the prices need to break and close above the key resistance of $22,500-$22,750. $20,500 and $17,500 will act as key support for BTC.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptos viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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