FX.co ★ Bitcoin analysis for week starting November 7th, 2022.

Red lines- trading range

Bitcoin is trading just above $20,000. Price has been trading mostly sideways over the last 5 months with no real direction. Support at $18,500 has been tested several times, with bulls managing to defend it. Despite respecting support at $18,500, bulls are not strong enough to push price towards $30,000, forming lower highs each time price pushes above $20,000. We remain patient waiting for Bitcoin to provide a break out to the upside or the downside. No need to try to guess the direction the market will take. Our most probable scenario is for Bitcoin price to eventually break below $18,500 and provide a fresh bearish signal, while price starts a new wave lower towards $12,000.