Bitcoin (BTC) is likely near or has already hit the top of the short-term upward move. However, the long-term trend is still bullish.

Day outlook

BTC stalled after a sharp rise on November 8th. Although it hit a new all-time high the next day, it has been falling steadily since then.

This decline preceded the weakening of technical indicators in the form of decreasing divergences in both RSI and MACD. This means that the rise in prices is not accompanied by an increase in dynamics. This often leads to a trend reversal.

Hence, despite making new all-time highs, the technical indicators of the daily timeframe are showing weakness.

BTC / USDT daily chart | Source: TradingView

Short term movement

The six-hour chart shows BTC breaking above a symmetrical triangle before hitting an all-time high.

It is currently in the process of validating the previous all-time high of $ 66,300 as support. If successful, this will be a very positive development and possibly lead to further highs.

If not, it can fall into the next support area at $ 63,500.

BTC / USDT 6-hour chart | Source: TradingView

Count waves

The wave number shows that BTC is very close to or has reached the top of the first wave (orange) of a bullish five-wave pulse. The number of partial waves is shown in black.

The area that is most likely to act as the spike remains between $ 70,400 and $ 71,840 due to the coincidence of multiple Fib levels.

However, subwave five is already longer than subwave one (white). So it is very possible that BTC has reached a local peak.

BTC / USDT 6-hour chart | Source: TradingView

A correction phase can then be expected. The first area of ​​support found is at $ 57,600. That target is the short term fib retracement support at 0.382 (orange).

The main support range is between $ 53,300 and $ 54,150. It is formed by the short term retracement support of 0.5 Fib and the long term Fib level of 0.382 (white). In addition, it is also a horizontal support zone.

Due to the coincidence of support levels, this could be a strong support area.

BTC / USDT daily chart | Source: TradingView

You can see the price of the coin Here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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