BTC is trading above 88,000, and buying volume is gradually increasing. Candles are also crossing EMAs to the upside with good strength.
Based on technical analysis, BTC can make a decent temporary upside move up to the two supply zones mentioned above. However, overall, BTC is bearish and will likely retest the [82,663 - 83,900] level.
For Entry:
If BTC gives downside confirmation somewhere within the first supply zone [88,945 - 89,775], then short positions can be opened with targets down to 84,000. However, if it breaks through the first supply, then a solid short setup will form at the next supply zone [90,791 - 91,812].
BTC is currently trading within a range between 85K and 90K. It has already tapped into a FVG [Demand Zone] and made a good move to the upside, but it couldn’t break the All-Time High (ATH).
At the moment, according to the 1-hour timeframe, BTC has broken out of a downward channel to the upside, which is a bullish sign for BTC. However, if we look at confirmations, currently there is more selling volume in BTC, and the EMA is also positioned above the candles. So technically, there isn’t a clear long signal.
For Entry:
If BTC closes a 1-hour candle above 87800, we can consider a long position with a target up to the ATH (90K). However, if BTC doesn’t close above the EMA, we can plan a short entry with a target toward the lower FVG [82663 - 83900].
BTC is currently trading within a range between 85K and 90K. It has already tapped into a FVG [Demand Zone] and made a good move to the upside, but it couldn’t break the All-Time High (ATH).
At the moment, according to the 1-hour timeframe, BTC has broken out of a downward channel to the upside, which is a bullish sign for BTC. However, if we look at confirmations, currently there is more selling volume in BTC, and the EMA is also positioned above the candles. So technically, there isn’t a clear long signal.
For Entry:
If BTC closes a 1-hour candle above 87800, we can consider a long position with a target up to the ATH (90K). However, if BTC doesn’t close above the EMA, we can plan a short entry with a target toward the lower FVG [82663 - 83900].
BTC exactly followed my previous update & pushed towards ( 69,500 - 70,000 ) & exactly after that it dropped to the ( 65560 - 67370 ) zone area.
As of the setup we can see Bullish movementum in BTC from today and on words for next 2 - 3 days ( Possible we can see an attempt to create New All Time High ).
NOTE: From today 5 November, US election voting is starting & after that the winner will be announced so market can get high volatility during these days so please trade carefully with tight risk management.
According to the BTC 1H chart, it’s pulling back from an order block and bouncing upwards, indicating a possible temporary bullish momentum this evening, potentially reaching around ( 69,500 to 70,000 ). However, on the 4H chart, BTC is expected to reach the levels of ( 65,560 to 67,370 ), from where a bullish momentum is anticipated.
Note: BTC must hold the price above from major low at ( 65,225) if this low breaks, the chances of a further decline in BTC will increase.
According to the BTC 1H chart, it’s pulling back from an order block and bouncing upwards, indicating a possible temporary bullish momentum this evening, potentially reaching around ( 69,500 to 70,000 ). However, on the 4H chart, BTC is expected to reach the levels of ( 65,560 to 67,370 ), from where a bullish momentum is anticipated.
Note: BTC must hold the price above from major low at ( 65,225) if this low breaks, the chances of a further decline in BTC will increase.