Trusted cryptocurrency platform
Kraken.com - (US & INT)

Bitcoin Market Analysis – 27.11.2022

60-day cycle low is in and the second  will be due in early January; right in the timing of the 4-year cycle. No catalyst, no momentum as every trust is broken and so, many big players have left the scene. In a market where crypto HODLers are on the edge of their seats, you cannot tell where the market is heading…. but we are in the process of bottom forming.

For Anyone who can  hold btc for 15-18 months, at $16k it provides a very good buying opportunity. Any move around that range of $12-13k will be the final move of the 4-year cycle low.

BTC is targeting $18500 short-term and I don’t see the price action sustaining such move in the medium term. The short-term direction is neutral; it is useful to look again on the long-term to get a better understanding of where we might be compared to the previous cycles.

Looking at the BTC daily chart, the correction has been halted over the last couple of weeks above the $16K support level. Regardless, bullish momentum is still lacking, and the price has failed to retest the $18K level. Interestingly, a wide descending channel, considered a bullish reversal pattern, seems to be forming in this timeframe. So, a breakout from the higher boundary of the pattern could signal the beginning of a mid-term bullish trend and potentially the end of the bear market.

Chart 1. A bullish reversal pattern, seems to be forming in this timeframe.
Source: Paid Content by Peter Brendt and his partners at bitcoin.live , BTCUSD Chart by TradingView

The weekly Bitcoin’s green volume (from the chart) is the highest since November 2021, indicating that the selling pressure could be reducing. Also there is room for one good move higher, especially if it can break above the recent high around $17k.
Bitcoin is experiencing a mid-term consolidation phase and now will be facing a huge test at the significant level support at $16K, and this level is the most critical support for the bulls to hold over the next mid- term.

Chart 2. Green volume to be the highest since November 2021, indicating that the selling pressure could be reducing.
Source: bitcoin.live , BTCUSD Chart by TradingView

🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service


🔴This Market Update is created using Paid Content by Peter Brendt and his partners at Bitcoin.live. Peter Brendt is a Trader since 1975. Author and publisher of the Factor Report as well as Best Selling Trading Books. If you want to read full content by him and his partners, trading signals/calls in real time, daily/weekly/monthly reports, trading videos and podcasts, trading tips check out his VIP Subscription Service