FX.co - BTC analysis for November 22,.2021 - Downside continuation in the play

22 November 2021 at 1:56PM (UTC+0)

Relevance until23 November 2021 at 1:56PM (UTC+0)

Technical analysis:

BTC analysis for November 22,.2021 - Downside continuation in the play

BTC has been trading downside today but I see further downside continuation in the next period.

Trading recommendation:

Due to breakout of the rising trendline and the fake breakout of the 20-day high, I see potential for the downside continuation.

Watch for selling opportunities on the rallies with the downside target at $53,250.

BTC is trading below the 10,20 and 50 day moving average.

Stochastic is showing a bull cross but with no big reaction on price action, which is sign that cross is "weak:"

Resistance level is set at the price of $62,200

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for November 22,.2021 - Downside continuation in the play