State of Bitcoin (November)
A daily chart on BITCOIN is very simple to dissect, what BITCOIN will do from here is not so easy to work out.
The idea is to plan for what to do at the key levels and everything else in-between is just noise that wants to take your money.
How I see BTC is what you see in the chart:
- The immediate attention is drawn to the ascending triangle BTC currently finds itself in, these patterns can be bullish or bearish depending on the direction of the breakout. the trend is currently bullish and that plays a factor in the outcome.
- What was previously a bearish OB at the 32k level has been flipped but not retested for support yet, if the ascending triangle fails or bulls run out of momentum the most likely plan would be to drop to that level.
- The next bearish OB is sat 22% higher than that 32k level at ~38k, before that there really isn't much resistance.
- In the longer term, a matter of months I think the best possible buy zone is the FVG at 19-20k area. That would be a no brainer buy and hold for the next several years. We've seen a deviation below that area and the reclaim is what started this rally. I would estimate that this is the absolute floor for BTC now, especially when the ETF's are approved and the halving comes into play.
- If this FVG isn't filled the next best place is the S/R level at 25k but as we can see on the chart, the third time testing an area it usually gives way so for me 25k doesn't look like it would hold another retest.
I do think max pain would be just keep squeezing higher while everyone is waiting for one more dip, I myself would like one more dip but every eventuality must be planned for.
The idea is to plan for what to do at the key levels and everything else in-between is just noise that wants to take your money.
How I see BTC is what you see in the chart:
- The immediate attention is drawn to the ascending triangle BTC currently finds itself in, these patterns can be bullish or bearish depending on the direction of the breakout. the trend is currently bullish and that plays a factor in the outcome.
- What was previously a bearish OB at the 32k level has been flipped but not retested for support yet, if the ascending triangle fails or bulls run out of momentum the most likely plan would be to drop to that level.
- The next bearish OB is sat 22% higher than that 32k level at ~38k, before that there really isn't much resistance.
- In the longer term, a matter of months I think the best possible buy zone is the FVG at 19-20k area. That would be a no brainer buy and hold for the next several years. We've seen a deviation below that area and the reclaim is what started this rally. I would estimate that this is the absolute floor for BTC now, especially when the ETF's are approved and the halving comes into play.
- If this FVG isn't filled the next best place is the S/R level at 25k but as we can see on the chart, the third time testing an area it usually gives way so for me 25k doesn't look like it would hold another retest.
I do think max pain would be just keep squeezing higher while everyone is waiting for one more dip, I myself would like one more dip but every eventuality must be planned for.
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