- Update $BTC November 2:
Bitcoin is showing signs of recovery after reacting positively at the support zone of the Descending Broadening Wedge pattern. Following the recent sharp decline, the price is gradually forming a recovery structure, with signs of a double-bottom pattern emerging.
However, the current recovery still needs further confirmation. The MA20 moving average is a level to watch, as it could become dynamic resistance if buying pressure is not strong enough.
=> Key price zones to watch:
- USD 77,700–77,800: MA20 zone, short-term dynamic support.
- USD 76,300: Key support, corresponding to the most recent low.
- USD 79,000–79,300: Nearby resistance that must be overcome to reinforce the recovery.
- USD 81,900–82,000: Strong overhead resistance.
=> Outlook: BTC is showing signs of recovery following the sharp decline, but there is not yet enough evidence to confirm a trend reversal. Focus on the price reaction around USD 79,000–79,300, and avoid FOMO LONG positions until there is a clear breakout signal.
#bitcoin #btc $BTC
Bitcoin is showing signs of recovery after reacting positively at the support zone of the Descending Broadening Wedge pattern. Following the recent sharp decline, the price is gradually forming a recovery structure, with signs of a double-bottom pattern emerging.
However, the current recovery still needs further confirmation. The MA20 moving average is a level to watch, as it could become dynamic resistance if buying pressure is not strong enough.
=> Key price zones to watch:
- USD 77,700–77,800: MA20 zone, short-term dynamic support.
- USD 76,300: Key support, corresponding to the most recent low.
- USD 79,000–79,300: Nearby resistance that must be overcome to reinforce the recovery.
- USD 81,900–82,000: Strong overhead resistance.
=> Outlook: BTC is showing signs of recovery following the sharp decline, but there is not yet enough evidence to confirm a trend reversal. Focus on the price reaction around USD 79,000–79,300, and avoid FOMO LONG positions until there is a clear breakout signal.
#bitcoin #btc $BTC
