$BTC Analysis 11/16/2024

#BTC, still quite predictable here, see that we had a bounce and broke $89,900, and right now we are testing this region as a support (green band). If the bulls are able to hold the price above this green band, then we will tie the $95K during the new week!

Note that although we are having weak price action today in Bitcoin, we have a strong recovery across the market from #altcoin , of course this is derived from the rapid drop in Bitcoin dominance.

Things still look good here for BTC, but we will have to cool down even more for this dominance to continue to fall and we can have a OVERALL rise in altcoins and they can break their accumulation channels or their bearish structures that some still preserve.

I personally don't care much about the price of BTC, and I'm still focused on its dominance, so let's look at the right side.

I know that the vast majority are not prepared for what's coming, but I would start thinking about how Bitcoin should CORRECT when we reach a TEMPORARY top, because we will do that... whether you like it or not, and maybe it's at $95K or even $100K, it doesn't matter much because as I said, I'm more concerned about its dominance, but given the moment, I think we should start thinking about some point when it will correct.

Still the same thought:

We could form a sideways channel during the weekend, between $90K and $95K, and during the new week we attack $95K to then make an important decision.

Don't be PESSIMISTIC when we start talking about a correction, after all... it's during these periods that dominance will fall the most, giving space to altcoins.

I remain optimistic and focused on 2025.

* If you have any questions, don't hesitate, go to my INSTA (it's in the fixed image of my profile here), call me and ask your question.