This type of forecast is valid for the short term because in a long-term perspective even those who write there always tend to remain bullish on BTC. The current one is a particularly delicate phase for bitcoins, unless in the next seven days the bulls do not regain control of the market, in fact, the risk is that we find ourselves struggling with a month that will open in the name of downward; in any case there is nothing to despair about, even if from now to the first decade of December bitcoin quotations should precipitate this would represent a good opportunity to go back to accumulating, so keep liquidity aside because there are discrete possibilities to do so grab some satoshi at a final price in two or three weeks. Having said that, let's take a look at the charts immediately and try to understand what the next seven days have in store for us.
USDT / BTC hibernation over, hungry bears in sight
Let's start as always from the 30D chart, here we see that the price, which had opened below the pivot point, after testing the S1 has retraced; attention therefore because the risk of a new dump with the consequent breakdown of the previous support and test of the S2 in the $ 6300 zone is far from negligible and indeed seems to be currently one of the most probable scenarios also because, as things stand, the next candle at 30 days it will open again under the pivot point. As far as the 7D chart is concerned, we have already seen in October that there has been a bearish crossover of ichimoku clouds on the moving averages, the MACD is still bearish and in general there are no large margins to be optimistic at the moment; if the statements of Xi Jinping a few weeks ago, therefore, had triggered enthusiasm by throwing the price back above 10 thousand dollars, at this moment bitcoin does not appear in great shape and the feeling is that many altcoins will try to take advantage of this weakness for recover some of the land lost so far. The trend appears to be markedly bearish even on the 1D chart, but the fact remains that we could have timid increases during this week, but this does not mean in any case that it is a good time to buy.
As bad as it is to admit it right now it is inevitable for me to be bearish on bitcoin; the technical analysis does not offer us any margin to be optimistic and even the sentiment on social media appears to be quite low. Honestly, I would not feel that even in the next few months we will slowly come back to approach the fund reached in December 2018, without however getting a new minimum; I believe that a good price zone to return to accumulate is between 4 thousand and 5 thousand dollars, before this level is reached I would not feel like advising anyone to buy. The scenario that I consider most likely is a rebound in the $ 9,000 zone after the price has returned to test the support at $ 7500, after which we should witness the beginning of a new bearish tension that will cause the breakdown of the support and, only at that point, we will be near a new fund. Be patient, therefore, and do not make risky moves, as next Monday we will be able to understand together if the logical thread that I began to follow for a couple of weeks will have proved to be correct or if it will not be the case to recognize that I made mistakes in reading the trend.
Please note: this post is not intended to provide any financial advice regarding how to invest your money, but is for educational purposes only