Bitcoin (BTC) – pulled back amid a profit-taking spreePosted on Sunday, November 14 2021 at 9:39 pm GMT+0000
As has been the case lately after posting fresh record highs, Bitcoin pulled back amid a profit-taking spree and rotation of investors’ capital into undervalued altcoins and is currently seeking support near the Kijun-Sen line.
This weak positive momentum is also demonstrated by the Ichimoku lines. Even though remaining above the lately flattened Kijun-Sen line, the Tenkan-sen line seems setting the stage for its next downturn.
The CCI oscillator is also following a horizontal trajectory, while the stochastics have reclaimed a negative bearing. Both suggesting a deeper downside correction or some consolidation at the current stage.
So, if the price does not adhere to the Kijun-Sen line, early support could arise from the upper surface of the Ichimoku cloud currently seen around 58,100 and the 57,650 October low. Diving from here, the lower surface of the cloud around 53,250 and the 52,950 may attempt to dismiss a deeper decline from evolving.
If Bitcoin successfully forms a strong foothold off the Kijun-Sen and oversteps the 69,000-70,000 region it would initially target the 73,000 and 79,800 levels.