BTCUSDT @3500 Weekly Update #44 NOV 06 2023
Price continues to consolidate above 32k, which was the historical pivot resistance bulls needed to get above at.
Market remains bullish. On the Weekly time frame, there is no sign of a reversal based on the macd and the RS indicators
The macro Cycle, specially on the 12M, is suggesting that the trend is up.
Therefore, must stay bullish for the remaining of the 4year cycle (Till 2025)
The Q resistance, as define previously, it is at 46-47k. A close above this level at any giving Q would increase the odds of seeing a parabolic move above the previous ATH.
Other the other hand, unstill the btc bears take out the 30k level, the short to medium term trend will stay up, and the next fib resistance is 0.618, which is at 39k level
Price continues to consolidate above 32k, which was the historical pivot resistance bulls needed to get above at.
Market remains bullish. On the Weekly time frame, there is no sign of a reversal based on the macd and the RS indicators
The macro Cycle, specially on the 12M, is suggesting that the trend is up.
Therefore, must stay bullish for the remaining of the 4year cycle (Till 2025)
The Q resistance, as define previously, it is at 46-47k. A close above this level at any giving Q would increase the odds of seeing a parabolic move above the previous ATH.
Other the other hand, unstill the btc bears take out the 30k level, the short to medium term trend will stay up, and the next fib resistance is 0.618, which is at 39k level
