November 27, 2022

TradingView Blog | Important Support Tested

TradingView Blog | Important Support Tested

Hello again!

From the previous idea, expectations of a decline in the resistance range from $ 7600- $ 7638 were met.

The other day course bitcoin there was a way out of the triangle downaccompanied by another hairpin, which was a signal to continue sales. This mov provoked tests of a key level of $ 7150- $ 7090. I note that the decline was with a break of an important 61% Fibo correction level. Now the price of bitcoin has found support on a 1-hour timeframe of $ 7146- $ 7168. Resistance is formed at $ 7315- $ 7382. Only with the confirmation of this range (in the region of $ 7330) should we expect a bullish trend with the prospects for resumption of growth above $ 7500. Also, the price rate went again under the moving MA100 and MA50, which indicates the nearest mood.

The key support level is still at $ 7100- $ 7060, repeated sales attempts at this level in the near future will most likely provoke an even greater reduction in price up to $ 6700.

In the near future, I still expectshort-term recovery to the formed nearest resistance levels of $ 7280- $ 7300, these are the main goals of possible long positions. This range coincides with the 61% Fibo correction level, from the last minimum of $ 7100 to the maximum of $ 7665. Moving MA100 and MA50 act as a guideline of the main resistance in the medium term.

P.s.: I do not position myself as Vanga, it is impossible to predict a clear goal of market direction, but an approximate understanding of price behavior in the near future is possible, therefore, please treat my ideas as purely general information about what is happening on the cryptocurrency market. My vision of the situation clearly may not coincide with yours.

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