BTC Daily Technical Analysis (11-08-22): Bears are coming back? or continuation of the Daily uptrend?

BTC Daily Technical Analysis (11-08-22): Bears are coming back? or continuation of the Daily uptrend?


 

Bearish signal on Balances exchanges:
More BTC coming on exchanges to get sold, whales are ready to push the price down if the S&P 500 starts first given the high correlation.

 

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Possible bullish reversal on the S&P 500 in favor of BTC or the continuation of the down trend?

Close to the last high and 50% fib, with bullish divergence to be confirmed after the Weekly close tomorrow.

The next resistances to watch will be:
- The 4290: the last + high in Daily.
- The 61.8% fib at 4320 in confluence with the MA 62 Weekly.

For a bearish to bullish trend reversal Weekly is better to have more confirmations with technical and fundamental analysis, to avoid a fake break out.

We are in the bear market, I don't know when it will be over, but I am convinced that we are closer to the end than the beginning!

The good old DCA will do the job.

 

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FreedomBuilder
FreedomBuilder

Crypto investor, trader & holder, looking for to build my freedom with the Blockchain technology.


Trading The King of Crypto
Trading The King of Crypto

Technical analysis of bitcoin and the crypto market. - Cryptos are correlated to BTC. - BTC is correlated to the S&P500 - The S&P500 is the largest US market, it can be called the Bitcoin of the stock market. If we can follow the BTC price action we will be able to follow all the other crypto projects, when to buy and When to sell???

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