Weekly chart:
BTC trades in the downward trend within the major trend lines (in black) with lower highs and major support levels at 6000 levels and 3100 levels. We can certainly expect the BTC to test 6000 level again. Moreover, as the 50EMA trades above 200EMA, through the backtesting, it is more evident for BTC to test 200EMA at between 4500-5000 levels if it fails at 6000 support levels. The last resort to this fall can certainly be at 3100 level.
Daily chart:
In the daily chart, BTC was trading in the downward trend until it broke the level of 8800 on 25 Oct. Currently, it is testing the resistance level of 9300. Once it continues to trade above 9300, it shall continue in the upward trend to test the levels of 12400 which is within the major trend line (in black) and the next resistance level. In that case, we could expect the price to hit 12400 in the last week of November.
In the inverse situation, if BTC fail to stay above 9300 level, it shall fall to test 7400 support level. Further, a bearish cross of 50EMA to 200EMA may further indicate the prices to fall further to as low as 6000 levels.
9300 level is an important point for the new trade decision in the daily chart
Conclusion:
1. Weekly chart: Downward trend chart with BTC to test between 3100-6000 levels. More conservatively, it could test 4500 level at 200EMA.
2. Daily chart: As BTC fails to trade above 9300 levels, the price should fall to 7400 support level, and further to 6000 support level as 50EMA makes a bearish cross to 200EMA
Catalyst:
If BTC continues to trade above 9300 levels, it could test 12400 level by November last week, within major trend line and the next resistance level.
BTC trades in the downward trend within the major trend lines (in black) with lower highs and major support levels at 6000 levels and 3100 levels. We can certainly expect the BTC to test 6000 level again. Moreover, as the 50EMA trades above 200EMA, through the backtesting, it is more evident for BTC to test 200EMA at between 4500-5000 levels if it fails at 6000 support levels. The last resort to this fall can certainly be at 3100 level.
Daily chart:
In the daily chart, BTC was trading in the downward trend until it broke the level of 8800 on 25 Oct. Currently, it is testing the resistance level of 9300. Once it continues to trade above 9300, it shall continue in the upward trend to test the levels of 12400 which is within the major trend line (in black) and the next resistance level. In that case, we could expect the price to hit 12400 in the last week of November.
In the inverse situation, if BTC fail to stay above 9300 level, it shall fall to test 7400 support level. Further, a bearish cross of 50EMA to 200EMA may further indicate the prices to fall further to as low as 6000 levels.
9300 level is an important point for the new trade decision in the daily chart
Conclusion:
1. Weekly chart: Downward trend chart with BTC to test between 3100-6000 levels. More conservatively, it could test 4500 level at 200EMA.
2. Daily chart: As BTC fails to trade above 9300 levels, the price should fall to 7400 support level, and further to 6000 support level as 50EMA makes a bearish cross to 200EMA
Catalyst:
If BTC continues to trade above 9300 levels, it could test 12400 level by November last week, within major trend line and the next resistance level.