Bitcoin chart analysis

2022年11月7日

Follow up to my previous idea:

To sum up, bitcoin surged again making a new high and stopped right at the upper channel resistance which was the last checkpoint before we could call for a clear rally.

What happened today looks like a correction against the bulls. Price is retesting 100 days moving average, which is healthy, but shouldn't break further below this ascending bevel, otherwise this is bad news.
We have this big flag on the daily, which if broken to the downside, will lead to more bear action.
In the bullish scenario, we will bounce right on this middle channel and remain above our moving average ribbons, and test again the top of our channel, which has been the resistance for almost 2 months now.
Then price can either break through it and say goodbye to the bear market, or it can fail and fall once again to the bottom of our structure as shown with the big red arrow.