Bitcoin (BTC) – Powered back higher

Bitcoin (BTC) – Powered back higher

Posted on Monday, November 29 2021 at 9:23 pm GMT+0000

After forming a strong foothold off the Ichimoku cloud’s lower surface, Bitcoin (BTC) powered back higher and managed to overstep the Tenkan-sen line, recouping almost all the losses posted last week.

And although the Tenkan and Kijun-sen lines are still negatively aligned, both became flat lately signaling weakening negative forces. While the RSI and IMI shifted upwards favoring further price advancements.

For this positive scenario to materialize, a decisive close above the cloud and the Kijun-sen line currently seen around 61,000 should be secured. In this case, bulls may push higher to challenge the last cycle high of 64,000. Further intensified buying interest could steer the price towards the all-time high of 69,000.

If price gains remain capped by the aforementioned Ichimoku lines, sellers could encounter preliminary downside limitations from the tough 53,250-52,920 region formed by the recent reaction low and the September 7th high, incapsulating the cloud’s lower surface. Should this area break down, the 50% Fibonacci level of the 28,800-69,000 uptrend at 48,900 could step in and try to block the way down. While some distance below, the September 24th inside swing high at 45,200 could prevent further deterioration towards the 39,600 bottom.