📌 November 6 BTC Market Outlook
There are two possible scenarios for the current market.
Scenario 1: The price retests 75,000, with or without a sharp wick, then holds support and starts rising. This is the best-case scenario.
Scenario 2: The price breaks below 75,000 decisively, and the market continues downward, potentially reaching as low as 67,000, triggering a wave of long liquidations below.
However, under either scenario, the odds of a bull-to-bear reversal are very low. I personally favor the first scenario.
The price is currently hovering around a key support level. Volume on both sides is shrinking, and the structure remains intact.
As long as support holds, don't chase shorts. It would be better to try going long with a stop-loss in place.
$BTC
There are two possible scenarios for the current market.
Scenario 1: The price retests 75,000, with or without a sharp wick, then holds support and starts rising. This is the best-case scenario.
Scenario 2: The price breaks below 75,000 decisively, and the market continues downward, potentially reaching as low as 67,000, triggering a wave of long liquidations below.
However, under either scenario, the odds of a bull-to-bear reversal are very low. I personally favor the first scenario.
The price is currently hovering around a key support level. Volume on both sides is shrinking, and the structure remains intact.
As long as support holds, don't chase shorts. It would be better to try going long with a stop-loss in place.
$BTC
