Here's what I see playing out for BTC!
2024-11-27

The holiday season is near, and it’s going to be tough for Bitcoin to break past the massive 100K resistance wall. Here's what I see playing out on the 8H Chart!

🔹 We’ve retraced to 91K and are now trading around 94K USD, bouncing off the preliminary fib line on the 𝘋𝘍𝘙 indicator (see pic 1). This suggests that the strong downtrend may be over, but we need the candle to close first to confirm. There’s still a chance we remain in a downtrend, just at a slower pace.

𝗦𝗰𝗲𝗻𝗮𝗿𝗶𝗼𝘀 𝘁𝗼 𝗪𝗮𝘁𝗰𝗵:
𝘚𝘤𝘦𝘯𝘢𝘳𝘪𝘰 𝘈 (𝘉𝘶𝘭𝘭𝘪𝘴𝘩):
BTC moves up towards 96.5K-97K USD and faces heavy resistance. If we manage to break above that level, there’s a solid case to revisit the ATH levels.

𝘚𝘤𝘦𝘯𝘢𝘳𝘪𝘰 𝘉 (𝘉𝘦𝘢𝘳𝘪𝘴𝘩):
If price closes or drops back below the blue preliminary fib line, the strong downtrend isn’t over yet, and we could head lower towards the anchored VWAP (pic 1). I’ve mapped out some LONG setups for you in case this happens:

For the bears, the lowest levels I see for now are around 𝟳𝟲,𝟱𝟬𝟬-𝟳𝟳,𝟱𝟬𝟬 𝗨𝗦𝗗, and here’s why:

This is the Fib Golden Pocket of the move, measured from the pivot low to the pivot high of the recent uptrend.
The 200 Day EMA on the 8H Chart is sitting in this zone around 77100.
It aligns with the Volume Profile anchored to the ⚡Power Candle visible on the bottom left of the chart, which kickstarted the entire move upwards.
It’s also the 1.618 downward extension of the previous leg down, as shown on the Daily chart analysis (see Twitter for pic 2).
Additionally, this zone is reinforced by key manual fib lines and the blue Bullish Fib Pockets dynamically plotted by the 𝘋𝘍𝘙.
The Volume Profile is also fat around this area, I don’t expect Bitcoin to drop much lower than this zone unless something major shifts.

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