$BTC

VIP Analysis

NOVEMBER 7th, 2024

-

BIAS:

Mid-Term: BULLISH

Short-Term: BEARISH

--

On the H1 timeframe, $BTC is consolidating within an ascending channel pattern 📈, having faced two rejections from its resistance trendline.

Currently, the price action is making another move upward, but it may encounter another rejection from this level.

This would potentially lead to a test of the support trendline as the consolidation aligns with a head and shoulders pattern formation 🐻.

If the rejection occurs, a breakdown from this pattern could initiate a move toward lower levels.

--

MAIN INTEREST LEVELS

⬇️SHORT⬇️

$76,223

⬆️LONG⬆️

$70,207

PREDICTED DAILY RANGE

$67,464 to $75,467

--

VIP ACTION PLAN

On the H1 timeframe, $BTC is developing a Head & Shoulders pattern 📉, where the right shoulder is currently forming.

This suggests that we may see a short-term rejection in price action once this shoulder completes.

If the neckline level of this pattern is broken, it could lead to further downward movement, signaling a potential pullback.