#BTCUPDATE - 11.5.21
Looking like the Daily 50 EMA is holding pretty strong. Heavy consolidation on the much lower timeframe so move in coming - should pump up little further.
$57.5k has historically been a difficult point so expecting rejection there - back to test the daily 50 EMA for a bounce and then small push before a more significant drop to key trendline support.
We could see a pretty big wick down to around the $51.5k region where the Daily 100EMA will likely be by then. Should be some big buys sat there waiting if there is.
Ultimately I see somewhat of a short-term downward channel leading into a bull flag.
Daily close below $53.4k will lead to quite a bearish short-term move.
Looking like the Daily 50 EMA is holding pretty strong. Heavy consolidation on the much lower timeframe so move in coming - should pump up little further.
$57.5k has historically been a difficult point so expecting rejection there - back to test the daily 50 EMA for a bounce and then small push before a more significant drop to key trendline support.
We could see a pretty big wick down to around the $51.5k region where the Daily 100EMA will likely be by then. Should be some big buys sat there waiting if there is.
Ultimately I see somewhat of a short-term downward channel leading into a bull flag.
Daily close below $53.4k will lead to quite a bearish short-term move.
