A cup and handle patter seems to be forming in bitcoin. If the pattern confirms, price will drop to 8-7.9k levels and after this, a new upwards movement will start for bitcoin. This, combined to the macd indicator on weekly pattern beeing close to cros, and the breakout of the descending channel that was confirmed, presents a bullish bias in the market
After the bull run that happened up to 26th June we have been consolidating in a downwards channel until 24th October's surge. We are now finishing a descending pennant pattern, that will be over by the end of 21st November. Bullish target is 9.5K while bearish target is 7.9K, with a slight bullish bias.
The death cross on weekly chart and a slight bearish divergence shows us s bigger probability of breaking on the downside and retesting lower resistance zones. Expect a retrace till rsi reaches the 30 levels, for a double bounce, just like in previous bear market. Bearsih short term but bullish mid term
BTC is continuing the movement to the top of the channel. Expect a bounce + fib pullback around the top levels, probably a good place to set a stop sell. Volume still too low to have a breakout of channel.
