BTC 70K EOY

23 Nov 2021

As we can see from zooming out on the 1D chart, there is currently a double bottom being tested. We can see support in the 55-56K zone, which has since flipped to a support level after being the breakout resistance level from weeks ago. A back-test on this level makes sense to accumulate further and solidify the confirmation of a true higher low. The neckline resistance is sitting at 60.8K as the 61K key level may act as confirmation for continuation above. If this double bottom does not pan out we could very well see a return to the current 1D trend. In terms of the outlook of 2-4 months out, I am bullish as long as we hold trend. Whether we launch from the double bottom or need the trend for guidance above, I believe 70K is a very conservative target for 1/1/2022. Realize short-term trading can be CHOPPED during this constrained price action. Confirmation is king.