Bitcoin (BTC) has about 36 hours of nice growth. However, it stopped very soon when there was a close approach to the resistance area, which rises around $ 61,000. Will we see that breakthrough from the correction structure soon? Or is the formation of the local bottom false? Unfortunately, the end of November is approaching and the moonlight just doesn’t look good at all. But I don’t want to deal with it today. Only for discord server I gave a brief text to the monthly chart. I’d like to keep it on Thursday stream.
Current situation at 1D BTC / USD
We showed up yesterdaythat the weekly chart finally closed in a fairly positive form. At the last minute, the weekly close managed to get much higher. But I don’t like the bottom on the daily chart. You can compare it with the market day from the end of September. At that time, the course fell much deeper into the support zone and we got a lot of nice rebounds. In short, it was obvious that Bitcoin was trying to bounce back. It was really initiative.
But this time it was a bit unexpected. Mainly from the point of view of the daily chart. Friday’s candle was ultimately closed by a bearish. A long red full candle. Supply completely absorbed demand. The decline is u supportní confluence he stopped, but there was no sign of reflection. But that happened at the end of the week.
However, the course of the course quickly stopped nearby S/R level 61,000 USD. At the same time, there is the upper edge of the drawn pattern. So is it possible that we make another leg for $ 52,500? It is possible. Until Bitcoin gets out of that correction structure, we have to reckon with the fact that price developments will respect the given limits.
But as I said, the support confluence is around $ 52,500 quite strong. We should see the last wave upwards. However, it cannot be ruled out that the local bottom will not form for a longer period of time. That one reflection didn’t completely convince me.
Indicators
The RSI curve twists like a snake. Which could indicate that the bottom is close. But it certainly may not be definitive, because the positive momentum of the market is missing. According to the MACD indicator, the negative momentum is weakening, the bullish cross is approaching.
In conclusion
Bitcoin has not jumped yet and it is quite possible that we will return to the $ 52,500. The last reflection was not so convincing. Although growth for a limited time looked promising. In any case, as I announced, we will focus on the monthly chart in Thursday’s stream.
ATTENTION: No data in the article is an investment board. The analysis does not try to predict future price developments. It serves exclusively as an educational text on how to approach the market mentally. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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