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Bitcoin Stalls Inside a Trade Range, Bears Commanding

Bitcoin Stalls Inside a Trade Range, Bears Commanding

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Bitcoin prices remain stable in spot quotations, and the last week of trading has seen little growth. In particular, prices are holding firm above $15.5K, but sellers have the upper hand from a downside perspective.

Technically, this preview will hold as long as prices remain below the $17.5000 and $18.5000 resistance zones. The immediate support is $15.5000 and currently Bitcoin is in the bearish flag and on November 8th and 9th inside the bear bars engulfing the bears.

Since the trading volumes are relatively low, the gains of the past few days can also turn out to be a dead cat, giving traders an opportunity to exit longs. This way, without much profit the current formation is a precursor to even deeper losses in the coming trading days.

El Salvador trust in BTC

Amidst the ravages of the bear market, there has been valuable development on the fundamentals front.

El Salvador said it would go ahead with its plans to stack Bitcoins and would you buy coins every day going forward. At the same time, they plan to continue with their plans for raising $1 billion in blockchain loans.

According to reports, El Salvador legislation requires the creation of a digital asset and Bitcoin Fund Management Agency.

According to Bloomberg, the funds will be used e.g.

“Create a legal framework for the transfer of digital assets used in public issuances in El Salvador and regulate the requirements and obligations of issuers and providers of digital assets.”

Bitcoin Price Analysis

Bitcoin is on the rise six percent from this week’s base, and buyers are bullish and expect more gains in the coming days. This may be due to a series of higher altitudes relative to lower BB signaling strength.

Since BTC bulls have failed to break above $17.5k and prices are within the premiums of the November 8th and 9th declines, the bears are in charge from an effort-result perspective.

An already tight trading range means BTC is inside a bearish flag, increasing the likelihood of further losses below this week’s $15.5k support.

Conservative traders may wait for trade definition above $17.5000 or below $15.5500 before committing, The target is $20,000 if the buyers are successful, or $12,000 should hold the early November losses.

Technical diagrams: Trading view. Disclaimer: The opinions expressed are not investment advice. Do your research.


If you found this article interesting, you can find more Bitcoin news here.

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