Waiting For BTCUSD To Give Us A Sign On What It Wants To Do Next

30. Nov. 2023

After a recent shake-up in the crypto world, where Binance and its CEO pleaded guilty to AML violations, it was believed that BTCUSD might take a hit. However, the popular crypto pair just took a pause from moving further north. Now from the technical perspective, we see that the pair is currently struggling with overcoming the 38000 mark. Additionally, we can see that after reversing higher in the beginning of this year, BTCUSD is trading within a possible rising channel. The channel is slightly on the tentative side, as it doesn’t have many confirmation tests, however, we will not ignore this pattern yet. We will remain somewhat positive with the near-term outlook, that said, a confirmation break above the 38000 barrier would be needed in order to attract more buying interest.

A break above that resistance hurdle may clear the way for a re-test of the upper side of the aforementioned rising channel. Around there we have the psychological 40000 hurdle. If that area acts as a good temporary resistance territory, we may consider a small correction back down. But if the 38000 zone becomes a new strong area of support, this might send BTCUSD up again, possibly aiming for the 40000 mark, or even the 42000 or 43000 levels. Around there we have the continuation of the upper side of the rising channel.

Alternatively, to consider a larger correction within the rising channel, we will wait for a drop somewhere below the 35600 territory first. If such a move happens, this may clear the path for BTCUSD towards the 31800 zone, or the 31000 area, which are near the lower side of the previously discussed rising channel.

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