【 $BTC Five consecutive weekly bearish candles—are the bears still gaining strength? After Bitcoin’s wick down to 73510, bottom support is getting closer 】
Bitcoin has closed five consecutive weeks with bearish candles. The bears are charging ahead, and on the weekly chart there may still be some momentum-driven downside. However, this was the week with the biggest drop recently, yet trading volume did not increase accordingly. This suggests that bearish momentum may be fading and its downward pressure will gradually weaken.
As mentioned before, November’s market action would likely be a grind. So far, that has certainly been the case—it’s really testing our patience!
On the daily chart, Bitcoin wicked down to 73510, entering a strong support zone. Unfortunately, the rebound hasn’t been strong enough, so we may see a new low. The price is already very close to the 0.5 Fibonacci level at 72597, which is also a common level for a normal pullback to reach.
On top of that, the rising trendline for this rally has climbed to around 71800. Taking everything into account, we may see another wick down, but the downside is limited.
My view remains the same: until the rising trendline at 71800 is broken, there’s no basis for expecting a larger-scale correction, so there’s no need to panic too much!
I checked the funding rates, and they’re negative across a large part of the market. That’s a good sign—when market sentiment starts to converge, a turning point may be just around the corner!
Position: Currently holding a heavy spot position
#BTC走势分析 $SOL #ETH $PEPE
Bitcoin has closed five consecutive weeks with bearish candles. The bears are charging ahead, and on the weekly chart there may still be some momentum-driven downside. However, this was the week with the biggest drop recently, yet trading volume did not increase accordingly. This suggests that bearish momentum may be fading and its downward pressure will gradually weaken.
As mentioned before, November’s market action would likely be a grind. So far, that has certainly been the case—it’s really testing our patience!
On the daily chart, Bitcoin wicked down to 73510, entering a strong support zone. Unfortunately, the rebound hasn’t been strong enough, so we may see a new low. The price is already very close to the 0.5 Fibonacci level at 72597, which is also a common level for a normal pullback to reach.
On top of that, the rising trendline for this rally has climbed to around 71800. Taking everything into account, we may see another wick down, but the downside is limited.
My view remains the same: until the rising trendline at 71800 is broken, there’s no basis for expecting a larger-scale correction, so there’s no need to panic too much!
I checked the funding rates, and they’re negative across a large part of the market. That’s a good sign—when market sentiment starts to converge, a turning point may be just around the corner!
Position: Currently holding a heavy spot position
#BTC走势分析 $SOL #ETH $PEPE
