BTC Outlook

29 Okt 2021

Bearish candle pinbar in the weekly time frame, false break in the daily time frame and plus there is bearish engulfing in the strong resistance area, I say false break because, if you look at the volume, when the breakout is not accompanied by a strong buy volume even vice versa when there is a seller in the resistance area of the sell volume is more dominant so it can be said to be false break out. In the 4-hour time frame there is a bearish head and shoulder pattern, this pattern will be invalid if BTC can breakout upwards from its shoulder. Currently if zoom in to the time frame 4 hours BTC is still consistently in the downtrend channel (minor trend). But broadly speaking (primary trend) BTC is still very bullish, as long as BTC is in the uptrend channel that I made in the daily time frame. FYI the target of this head and shoulder pattern itself can bring BTC up to 52k, but before reaching this area there are several support levels that need to be passed first.

Support:
58.5k - 57.4k
56k - 55.3k
53.8k - 52.7k

Resistance:
ATH
63.8k - 63.3k
62.6k - 61.7k

I hope the information above can be useful, thank you for reading