Welcome to this analysis about BTC . We are looking at the daily timeframe perspective, the recent events, the established daily falling wedge and some indicators. BTC hit my last and main support at 39.5K September low and made double bottom and rejected at support area with strong buying pressure. It is obvious there is a huge buying demand AT 39.5-40k level. At the same time BTC created a daily huge falling wedge and need to break it up to stay bullish and continue its upward movement. It has to hold 39.5K keeping bullish perspectives. If we lose this level and close weekly candle below 39.5K, more likely we are in a bear market and BTC topped at 69K and we'll see sharp and quick dump to 30K then 20K. But if we see strong bounce from this region to 46K then 52K and close weekly candle above 21, 34 weekly EMA and 50 weekly MA . The mentioned scenario will increase probability to make new ATH and more likely BTC enters to super cycle and we'll see 100K + by 2022. At this moment BTC is in a critical point and is consolidating at the main horizontal support at the lower band of Keltner channels which is not a good sign. BTW daily RSR is an oversold territory and MACD is in a bearish cross which is sign of losing momentum but at the same time we noticed stochastic bullish cross above 20 that could change our momentum to the upside. Another bullish and bearish signs, scenarios we'll discuss at the weekly timeframe a little bit later where I would explain why I think if BTC loses 39.5K level we are in a bear market.
Thanks for your reading.
Thanks for your reading.