On Nov 03, BTC price was consolidating to 04 Nov before rallying up to level of 9550. Unfortunately, this is a false breakout which prices when back to the resistance price level, consolidate till 6 Nov, before bearish investors took the opportunity to short the instrument upon breakout (after closing) of the supporting trend line. A false breakout is usually the first sign to take note as bullish investors are losing their momentum to push the prices higher. Hence, investors looking to long should be cautious and wait patiently for further price action to form - understand what message the market is trying to convey.
Notice that price is currently respecting the support of level at 8806 of the daily chart. I would like to see the following for each bullish and bearish perspectives.
Bullish ----> Price now at 8890 should continue on the upside trend and potentially rise to 9400 as per prediction. Reason being is an explosive downtrend move on 08 Nov usually is not long lasting and buyers should look for signs of reversal pattern before entry in the market. This is vice-versa for explosive uptrend movement. Also, notice that instrument is forming an ascending triangle which potentially indicate market is still in bullish condition.
Bearish ---> If Price were to break down the level of 8806 or ascending triangle, I would like to see prices plunge down to the level at 8372 and consolidate itself at this level with some form of reversal pattern, before potentially rally towards the upside direction.
Overview Maintain bullish view as there seems to be more indication that prices remains bullish in the current market condition.
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