BINANCE: BTC/USDT (Still Sideways but)
BTC/USDT:
Nov.07.2021
Bitcoin is still ranging in the previously indicated zone of 57000$ to 67000$. To see trend continuation one of these zones should be broken. From Wyckoff perspective we are now in phase D and seeing signs of strength (which we have discussed earlier). Even a pullback and possible retracement to 53-54k is on the table yet our opinion towards the trend will be intact. From this perspective we are now in accumulation and soon sharp upward moves will be started. We look forward to exit the range and continue the uptrend on Nov 16th (give or take a day) .
ATR indicator is signaling volatility in the coming days which I hope is in our favored direction towards breaking the top. Be advised that for Bitcoin to move and break the top dominance should accompany (even for a few days) and my recommendation is to have a considerable amount of BTC (30-50% of portfolio)
You do not need to worry about altcoins as the cup and handle pattern has been broken and confirmed nicely and they will grow after BTC is stabilized which will take some days to happen. Yet dips are for buying.
I expect the price to touch the low of Monday to hunt some stops at 59000$ and then a sharp move towards 62500 as the midline.
Another good thing here is the reset and calm of funding rates which is a sign of a healthy trend and market still being in an uptrend.
Nov.07.2021
Bitcoin is still ranging in the previously indicated zone of 57000$ to 67000$. To see trend continuation one of these zones should be broken. From Wyckoff perspective we are now in phase D and seeing signs of strength (which we have discussed earlier). Even a pullback and possible retracement to 53-54k is on the table yet our opinion towards the trend will be intact. From this perspective we are now in accumulation and soon sharp upward moves will be started. We look forward to exit the range and continue the uptrend on Nov 16th (give or take a day) .
ATR indicator is signaling volatility in the coming days which I hope is in our favored direction towards breaking the top. Be advised that for Bitcoin to move and break the top dominance should accompany (even for a few days) and my recommendation is to have a considerable amount of BTC (30-50% of portfolio)
You do not need to worry about altcoins as the cup and handle pattern has been broken and confirmed nicely and they will grow after BTC is stabilized which will take some days to happen. Yet dips are for buying.
I expect the price to touch the low of Monday to hunt some stops at 59000$ and then a sharp move towards 62500 as the midline.
Another good thing here is the reset and calm of funding rates which is a sign of a healthy trend and market still being in an uptrend.
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