Weekly BTC-USD(22nd November)

After making a new ATH of $69,000 in the previous week, BTC witnessed a massive profit booking last week which caused BTC to close ~15% lower from its ATH level. It formed a big bearish candlestick on the weekly TF with a more than a 10% decline to close the week at $58,671. At the time of writing, BTC is trading slightly above $57,200.

As per the Elliott Wave formation, it seems BTC will be completing its 4th corrective wave in the coming days and further selling pressure can be witnessed. Currently, BTC is trading in a very crucial range of $56,000 to $59,000. On the lower side, the nearest support level is present at $55,500. However, if this level is broken, further downside swing is most likely to continue till the level of $53,000.

On the higher side, a strong sell wall is present above $65,000 as none of the weekly candlesticks has been able to close above this level. However, BTC has decisively broken the support of $60,000 now and this will act as the immediate crucial resistance for the way up, if bulls manage to close above this level, then further upswing rally is most likely to continue till the previous ATH levels.

As per the major TF’s, the overall trend is still strong and currently, BTC is just completing its Elliot Wave structure and also strong buying can be expected from the Fibonacci retracement level of 0.618 which is present in the range of $51,500 to $52,000, therefore, these corrections are a part of the cycle and provide traders with a new opportunity to go long.


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