Hey guys.
As usual on Monday we are doing a bitcoin week in review.
Last time the instrument was trading around 97K and I said that for medium term trading the instrument is in a bad place because of the bad R/R and we are at 100K resistance and for short term trading we should wait for momentum. Later we saw the price throw and ATH update, after which there was a flash crash and the price went to the 90K zone, losing -15% in the moment.
Let's start with the onchain. I don't see any special changes in the metrics, OI is still bullish, exchange reserves are at lows, so I think bitcoin has a chance to continue the trend.
The ETFs market saw record inflows into funds totaling 2.7 billion.
On the chart after the epic fall in price we saw a quick buyback and at the moment the key support zone is at 97-98K which can be tested but should not be broken, if it is lost it will be another run to 95-92K. I expect the price will be bought back and it will go back above 100K and follow the sellers' liquidity above 105K. After that it is more likely to stay in this zone and form a consolidation for December-January.
The areas saturated with liquidations to watch are 103K and 95K, the break of which may cause acceleration of the move.
Macro data that may have an impact on the market.
11.12 - US inflation.
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Stay tuned.
