November 12 BTC Market Analysis: $BTC

Last Week Review:

Yesterday we mentioned that, from a short-term perspective, on the minute and hourly levels, there is a short-term pullback demand. If the pullback does not break below the support around 76000 USD, we continue to be bullish; if it breaks below the 76000 USD support, we look down to around 73000 USD.

After the pullback yesterday, it did not break below the 76000 USD support. After a period of consolidation, it continued to rise, peaking at 89575 USD. Due to the significant short-term rise, a top divergence appeared on the smaller time frames, indicating a need for short-term correction. In the next one to two days, we expect consolidation to dominate. If the consolidation pullback does not break below 83000 USD, we continue to be bullish. The strategy is to sell high and buy low.

Upper resistance level: around 89600 USD

Lower support level: around 83000 USD