cryptoviewing
patreon
CRYPTO UPDATE NOV 17 2021 8:30 AM EST
🕑 Added 2021-11-17 15:31:15 +0000 UTC
Good morning
BTC current price: $60,900
Well we closed so close to the 60K that I need to fulfill my promise with another update
We are not out of the woods yet.
The action we are seeing suggests more bottom testing before we continue the Bull Run.
Here are the key numbers going forward for the next few days.
Overhead Resistance is near 62,500 -64,500
Failing a close above there could lead to another selling wave into the mid 50's support as we spoke of several times earlier this month.
CURRENT SUPPORT 58K -60K zone
NEXT SUPPORT AREA 53-57K mid 50's, This would likely be the support zone if we do indeed have another washout.
MAIN TREND LINE $48,000
For the purpose of a visual indicator, I see the main uptrend line on the day chart being another major number we have spoken of several times and that is the 48,000 area.
Although we may not see this line (48K) tested before we see our $80,000, nothing is certain if the whales and the major holders of BTC decide to take a run at it.
Any close below this 48K would likely reverse the short-term Bitcoin Trend for months to come.
This is the least likely scenario as I feel the 48K trend line support will not be negated until we first see our 80K target fulfilled and at some point in the future, we enter the next crypto winter.
KEY TO WATCH:
Any further new lows (red candles) in the coming days, to be converted to a positive candle by the close of the day of that new low.
This will likely be a marker for at least the reversal we are all hoping for.
FINAL WORDS:
You are competing with the Power Brokers and Wall Street Bullies of the financial system and will be intimidated and scared to relinquish your Bitcoin before it becomes unavailable.
Think about how far BTC has become as a legitimate globally recognized financial entity?
Do you think the TPTB is going to throw that away?
Not Likely
Have a safe day
Martee
THIS IS NOT TRADING ADVICE.
