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Bitcoin

$BTC had a big run. How can you position now?



Bitcoin


$BTC has been on an uptrend from a low of 24713 on Aug 14 2023 to a high of 35975 on October 30, 2023. In November, $BTC has been consolidating. for the past few days. Let us look at the weekly chart of $BTC to get the support and resistance and how we can position ourselves for the next move.





$BTC moved from 24838 on June 05, 2023 to a high of 31845 on July 10. 2023 before pulling back to a low of 24713 ( forming a lower low) on Aug 14,2023. $BTC haa breakout indicated by the green arrow and has been steadily moving towards the golden ratio fib extension (162.5) but has not touched it yet.


From Gann's perspective, 135 degrees has been completed so far from 24713 and will definitely get to 180 degrees before giving back.

24713 27713 30713 33713 36713

We might see a 90-degree move downside before it gets back above 36000 from a high of 35975

35975 32975 29975

Right now, we have the price of $BTC at the top of the Bollinger band ( which measures implied volatility) and can retrace back to the mid-level which is around the 29274.


From the Fibonacci perspective, that also coincides with 50% retracement from a low of 24713 to 35975. Then, we can expect the price to shoot back to 112.5% extension and touch 38000. Look at the chart below. if this happens, we can expect this move to happen before Nov 20.



There is also a remote possibility of $BTC shooting up to 36713 completing 180 degrees before giving back. If it does, then we might see a lower low than 24713


How to position

I would reduce my position considerably at these levels and watch for the pullback to 29K levels. I would start adding to my position when I see the $BTC price cross 30k with considerable volume and ride the trend to cross 36713.










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