The reason for Bitcoin stopping at $91,400 and the possibility of a decline for correction $BTC
As shown in the image, Bitcoin has reached its highest peak during the current week.
Noting that the weekly candle for last week did not close above the required point, which is (127.2%).
Also on the daily frame, the annual upward trend was breached by (3.1%), but the candle did not close above the annual upward trend.
This indicates that Bitcoin has reached its highest peak during this period with significant resistance in selling.
Bitcoin resistance is expected to continue at points near $89,000 (between $87,000 and $92,000) in the coming days
And then a correction drop to points near $77,000 or less in the coming days, God willing
But Bitcoin's path will be more accurately determined when the weekly candle closes on 11/18/2024.
This is because there are attempts to break through the top of the upward trend ($91,400) which has been ongoing for the past three days.
There are two possibilities:-
- First:- A drop for correction in the coming days. (This is the strongest possibility)
- Second: If it continues to rise, and $94,000 is broken, it will certainly continue to $98,000 and $102,000 (this possibility is weak).
On the other hand; There will be a rise in Dogecoin and Ripple $DOGE $XRP