The BTC price continues to compress in the range, but a breakout is unlikely to be downward. For now - a local range, which has been mentioned in recent days.
The range is narrowing. If from November 13 the price of #BTC was in the range of volume levels of $87,684-$92,389, then from November 15 it is already in the range of $89,365-$92,389. And this gradual narrowing is taking place in the form of a triangle. There are two obvious trendlines where alerts can be set for a breakout.
From the important:
- On the daily time frame, the candlestick structure during the correction on November 16-17 has 'reloaded' and it is again upward, with the potential for growth until November 24-26, IF the ATH is broken.
On the lower time frames, the candlestick structures are 'torn', constantly breaking off, confusing players with a series of bullish and bearish engulfings.
- On the weekly time frame, the third candle of a potential high continues. Next week is a moment of truth. Either a break with the 'god candle' above $100,000, or a range. We do not consider the option of a deep correction or, moreover, a trend break, the end of the bull run.
- The volatility index of BTC price - a correction of the entire growth that started on October 25 began yesterday. With the potential for a decrease in volatility, fundamentally, until November 24-26. And the target around the level of 7.
BUT this is a high level of volatility, so we would not bet that the price range will continue for another week. Yes, the price can compress in the triangle, at worst, until November 22. The movement upon exiting the triangle can be very sharp, including with a false move at the beginning. In the case of a rise, for example, - first a move for liquidity around $87,000 and only then a move upwards.
- The volume levels remain extremely important at $92,389 above and $87,684 below.
- Those who use our indicator should reasonably monitor the hourly time frames. In terms of stable uptrends and downtrends. Any significant movement on the daily and higher time frames originates there. Currently, there is a stable uptrend on the 1-, 2-, and 4-hour time frames. Uptrends are also present on the 15- and 30-minute time frames. The abundance of additional targets above is an argument that even if the local trends on these minute time frames break, there are more 'magnets' above. The targets during local downtrends are only basic. Over the past few days, they have been fully or partially realized, and the price is not allowed to drop below.
