As much as we would like to believe in the continuation of powerful, non-rebound growth and the "God candle", there are important signals. There is a possibility that the#BTCrate will get stuck in a range for about two weeks. From November 17 or 24.
Perhaps, just in the range of $85,000-90,000. Plus or minus. The range can be expanded in both directions and we are not ready to talk about its upper level yet. The same $91,000-93,000 is quite an option if $90,000 is broken. The upper part of this range can further become a springboard for the next impulse. But now consolidation is begging to be done, and the key question is whether it will happen. After all, despite the overbought status according to the indicators, with the same funding, everything does not look critical for the bulls.
The analysis of the candlestick structure on the daily and (especially) weekly TF for BTC and the dominance of stablecoins makes us think about the range period.
While congratulating you on the start of the bull run on the night from Sunday to Monday, at the rate of $80,700, we wrote that the price of#BTCcame to a stable uptrend on the weekly TF according to our indicator at the end of the uptrend. With a signal of a potential high. The current week is already the second signal out of only three possible.
BUT there is also good news, even two:
- This week and next week BTC can still rewrite the highs if it breaks the current reversal signal on the daily TF. High November 12-14.
- If this is our assumption with the range and these signals are broken - $100,000 can be reached very quickly. Because this will already be a bull run at maximum. And there is still a modest assumption that not only $100,000, but also $109,000 (why this level - we wrote) is an adequate goal for the Santa Claus rally.
What will happen to altcoins in the coming weeks? It will depend heavily on BTC. BUT, we believe that we need to accept as a fact that the reversal has finally occurred and there will be no more lows being updated in this cycle.
Locally, for these two weeks, in case of#BTCrange in a clear range and with good bullish candles - this is a signal either for range or growth for altcoins. But in case of#BTCcorrection - they will go down too. Probable supports for most altcoins now are EMA 50 and 200 of the weekly TF, if they are broken. These are both levels for additional purchases in the medium and long term, and excellent starting levels for speculation in the long.
#USDT +#USDCdominance chart - there is a signal of potential low on the daily and weekly TF. And this is what worries for the prospects of the#BTCrange.
Daily correction signals on a bull run can break right away. But weekly ones - here, however, usually at least a range for a couple of weeks is enough. That's where this post started.
