🔥 Bitcoin: The Bottom Is In

20 нояб. 2021 г.

A couple of days ago I made an analysis on BTC's bearish wedge pattern. Here I argued that we were likely to have more downside in the near future and that a bounce from the Support Area was expected.

Since the bounce two days ago, the market (especially alts) have seen a very strong bounce. We hit oversold levels on the 4H time frame twice in a row, which historically predicts a bounce for a day or two.

Since my overall market sentiment is still very bullish, I'm willing to take the bet that this was indeed the bottom. As we speak we're seeing a massive influx of buyers coming into the market buying this dip. If we manage to close above 60k at the end of the week, I think that we're going to see new all-time highs in the near future, target placed at 70k. Conservative investors might want to wait until BTC can break above 61k, the last local top during the drop.

Happy trading!