BTC/USD ($63k Acted Support?)

Nov 11, 2021

💎Technical Analysis Summary💎


BTC/USD

-Bitcoin is rejected near the 70k dollar psychological level
-An ugly -9% move hitting my swing trades stop-loss location
-Most altcoins are affected with this move recently invalidating some bullish structures of altcoins
-But looking at price structure, BTC reacted at previous local resistance at 63k dollars
-This level is a confluence of EMA19 and Fib 0.5 area which is a good potential support
-We have now a new strong resistance at 69k dollars and immediate support at 63k dollars
-The uptrend is still intact as long as the bulls can defend this support
-I took small losses on my swing trades but I have already updated my watchlist for new ideas
-Guys, if you got stopped out too, don't worry the market is full of oppurtunity
-You just have to look for coins that remain bullish and hold their current support levels
-The good thing also is the BTC dominance level is back at value 43 again which is a good sign for Alts
-So we will have another oppurtunity once BTC shows new strength or consolidate at support
-Good luck and keep safe everyone!





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