Analytics
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First of all, I want to congratulate all those who rode the green week with me, using the previous forecast. This is especially true for altcoins. Well, everyone with the past birthday of Bitcoin. It was a real signal for global changes, but this is no longer about trading.
Now about the market…
It is too early to say that the growth movement has ended, but a rollback is, of course, possible. Now Bitcoin is drawing a local narrowing in the form of a triangle, which can develop into a banal flat. Logically, we should see a decline after an impulsive increase, which can happen, as it happened recently, impulsively, which will make you nervous. Either the movement will be corrective, which will allow you to easily open long positions. I would wait for longs, more or less confident, from higher timeframes in case of plunging into the imbalance zone by 0.5 Fibonacci at the level of $19600-19700.
Chart: Bitcoin / TetherUS. Source: Trading View
It is not worth excluding work from lateral movement if you understand the work of Price Action. If a deviation from below is formed and a return to the sideways, there may be a long to the MB 6H $21250-21600 zone, or even to the $21900 zone, from where the shorts remain interesting.
I repeat, as long as the price is above the RTO (you can read it in previous reviews), Bitcoin has the right to update the local high of $25211. Therefore, shorts must also be confirmed.
Chart: Market Cap BTC Dominance. Source: Trading View
Bitcoin dominance has reached the first support zone and there may be a rebound, which will provoke an alta correction. As soon as we continue to fall in dominance, the alta, which has not reached the short zones from the seniors, can give another wave of growth.
It is interesting to watch Matic and Atom, but so far there are no clear favorites.
There is no point in succumbing to euphoric moods until the reversal has occurred. Monthly closing and opening of the market did not change anything. Even if we do see a sustained move up, this could be a normal correction from the entire semi-annual decline.
So always be vigilant.
All the best!
#Weekly #review #cryptocurrency #market #Katerina #Gussardi #November
