Analytics: Market Outlook and Forecasts

📈 WHAT HAPPENED?

Last week, Bitcoin reached key resistance in the $105,800-$107,400 range, from which we expected a correction. If the seller showed weakness, it would be profitable to open long positions. However, there was no noticeable protection from the buyer, and the price decreased.

We’re currently at the lower boundary of the important medium-term support zone of $97,000-$93,000 (volume zone). The selling pressure is still high, but it’s not resulting in any significant movement. There is a lack of updates within the zone, and the angle of attack has decreased, while the volumes have increased. There are limit buyers present, but their activity is insufficient to indicate strength.

💼 WHAT WILL HAPPEN: OR NOT?

The medium-term market structure appears to be short-term. But the global picture still allows for a confident resumption — it just takes time.

We can expect a long exit from the current zone when a clear setup is formed. However, another decline wave is inevitable, as there is a strong volume zone above, which should be worked out under the current structure.

In a negative scenario, if there is no buyer interest, the decline will continue until the next global support.

Buy Zones

$97,000–$93,000 (high-volume zone)

$88,000–$82,000 (high-volume zone)

Sell Zones

$101,000–$104,000 (accumulated volumes)

$105,800–$106,600 (local resistance)

$109,500–$110,700 (accumulated volumes)

$112,400–$113,300 (accumulated volumes)

$114,700–$115,700 (accumulated volumes)

$120,900–$124,000 (high-volume zone)


📰 IMPORTANT DATES

Macroeconomic events this week:

• November 19, Wednesday, 7:00 (UTC) — publication of the UK Consumer Price Index for October;
• November 19, Wednesday, 10:00 (UTC) — publication of the Eurozone Consumer Price Index for October;
• November 19, Wednesday, 19:00 (UTC) — publication of the minutes of the US FOMC meeting;
• November 20, Thursday, 13:30 (UTC) — publication of the average hourly wage for September, the number of initial unemployment claims, the change in the number of non-agricultural workers for September, the unemployment rate in the United States for September, and the Philadelphia Fed's Manufacturing Activity Index for November;
• November 20, Thursday, 15:00 (UTC) — publication of data on second-hand housing sales in the United States for October;
• November 21, Friday, 14:45 (UTC) — publication of the US manufacturing and services business activity index for November.


*This post is not financial recommendation. Make decisions based on your own experience.

#analytics