Hello everybody, Bitcoin weekly candle closed bearish same as a daily candle. Right now price retesting important local S/R zone. Bitcoin can easily do sideways or correct some more. In the short-term, if we stay above our S/R zone we should climb back to Point of Control ($60900). Otherwise, I expect the price to decline to a 0.5 fib level ($54365). In the long-term to stay bullish, we need to stay above the weekly level at $52200 which is expected.
Levels to watch:
- S/R zone ~$57000-$58500
- Daily resistance at $67600
- Point of control (from 250 bars) at $60700 (resistance)
- Point of control from the previous day at $58700 (resistance)
- Fib 0.5 level at $54365 and fib 0.618 level at $50900
- Weekly support at $52200
Open Interest
Volume is declining the same as Price and Open Interest. This indicates that the current downtrend is weakening.
Initial Balance
High Volume in the first hour of the session indicates a rangebound session. High volume in the first hour of the session also means a rangebound session. Daily open is near IB High and participants drove the price down on open which indicates a higher probability of a down-trending session.
Bitcoin Logarithmic Growth Curves (from 20/11/2021)
- HighDev 140.77k
- MedDev 58.1k
- LowDev 23.98k
Overall, in the short term, we should stay above our S/R zone. If we maintain this level in the next few days, we should return to the course towards ATH. Otherwise, a decline is expected. Long-term we are still bullish as long as we are above the weekly level at $52200.
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Disclaimer: Not financial advice. Please be careful when trading this channel is just my opinion and perspective of what the charts look like in my opinion. This is to be used ALONGside your technical analysis and to give you things think about that you might have missed. You have to make your own decisions investing is risky. Don't invest what you can't afford to lose.
Hope you found today’s article helpful. Have a nice day :)
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