2021-10-27 18:16:20
BTC DAILY (12H) ANALYSIS
Bitcoin currently trading at 58900
We saw a steady uptrend of Bitcoin which lead to breaking of ATH and entering Price Discovery MODE. After this whole show, market was expecting a healthy correction to retest the new high and enter price discovery mode again.
After the massive pump recently, Bitcoin needs a cooldown period, In the chart we can see Bitcoin respecting a price channel, and retracing back from Channel Support and Resistance, We will see one more correction before hitting ATH again.
What to look out for:
= We have 2 fibonacci levels which we are looking at for a reversal (0.50 level and 0.618 level). Keep a close eye for a reversal.
= Corrective phase will likely be an ABC pattern back to the ascending trendline
= Watching for a bounce off the trendline (AREA OF CONFLUENCE, Marked in chart)
The best place to look for buying opportunities is the (AREA OF CONFLUENCE, Marked in chart) between the 53k to 57k.
Support:- $50000/53000
Resistance:- $67800
Hit a like on TradingView to show your support.
Chart:- https://www.tradingview.com/chart/BTCUSDTPERP/HeG8F8Kx-Bitcoin-to-ATH-again/
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