Hello Traders!
Since November 9, sellers dominate the market. Buyers mostly operate with limit orders, repurchasing the asset, protecting significant support levels. On the daily timeframe, the price is under MA100, RSI indicator is in the bearish zone.
At the moment the price is in a narrow range between $46800 and $50500. The sellers are trying to push the price down, but it has not fallen below $45600 yet. After each attempt of sellers' pressure, buyers respond with counteraction, which, however, is not enough to pass the local resistance level of $48500.
The buyers need to take the price above the resistance level of $53800 and the MA100 on the daily timeframe in order to continue growth. If the pressure continues, buyers will need to protect the support levels of $44200 and $40900.
Globally, we can expect Bitcoin to take new highs, as a correction only gives the market a healthy state by satisfying market supply.
We can start purchasing Bitcoin as a medium-term investment at current price levels. In case of a correction, strengthen the position in parts near $46800 $44200 $40900 levels. If the growth begins, it is better to wait for the price to consolidate above the level of $53800 on the daily timeframe.
Targets by Fibonacci levels:
$65900
$77200
$84200
$88500
$99800
$111000
We can close the position by stop-loss if the price goes down to the level of $37800
Always consider your financial potential and investment time horizon!
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Since November 9, sellers dominate the market. Buyers mostly operate with limit orders, repurchasing the asset, protecting significant support levels. On the daily timeframe, the price is under MA100, RSI indicator is in the bearish zone.
At the moment the price is in a narrow range between $46800 and $50500. The sellers are trying to push the price down, but it has not fallen below $45600 yet. After each attempt of sellers' pressure, buyers respond with counteraction, which, however, is not enough to pass the local resistance level of $48500.
The buyers need to take the price above the resistance level of $53800 and the MA100 on the daily timeframe in order to continue growth. If the pressure continues, buyers will need to protect the support levels of $44200 and $40900.
Globally, we can expect Bitcoin to take new highs, as a correction only gives the market a healthy state by satisfying market supply.
We can start purchasing Bitcoin as a medium-term investment at current price levels. In case of a correction, strengthen the position in parts near $46800 $44200 $40900 levels. If the growth begins, it is better to wait for the price to consolidate above the level of $53800 on the daily timeframe.
Targets by Fibonacci levels:
$65900
$77200
$84200
$88500
$99800
$111000
We can close the position by stop-loss if the price goes down to the level of $37800
Always consider your financial potential and investment time horizon!
Good luck and watch out for the market
P.S. This is an educational analysis that shall not be considered financial advice
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.