Bullish Momentum?
Bitcoin analysis: Cautiously optimistic bullish trajectory as Bitcoin tests new resistance after retracement. Liquidity accumulation suggests a potential brief dip before further upward movement. Crucial daily close above $37,850 needed to affirm the bullish trend. Support at $34,800, major resistances at $38,400 and $40,000. RSI at 54 indicates moderate bullish momentum without immediate overbought concerns.
11/30/20231 min read
Considering the recent market dynamics of Bitcoin, it appears to be exhibiting a cautiously optimistic bullish trajectory. After experiencing a retracement, Bitcoin has shown resilience by rallying to and testing a new HH, which currently poses as a resistance zone. This behavior underscores a potential bullish trend.
Furthermore, there's a noticeable accumulation of liquidity on the downside. This situation might lead to a sweep of this liquidity, potentially triggering a brief dip before any further upward movement. The crucial factor underpinning this bullish outlook is Bitcoin's ability to sustain a daily close above $37,850, which would affirm the market's confidence in the ongoing uptrend.
The support is firmly established around the $34,800 level, providing a safety net for the bullish scenario. On the upside, Bitcoin faces major resistance levels at $38,400 and subsequently at $40,000, which are the next targets in its upward journey.
The Relative Strength Index (RSI) offers additional insight, standing at a 54 level with the RSI-based Moving Average at 52. These figures, being above the neutral 50 mark but not excessively high, indicate a moderate bullish momentum without immediate overbought concerns.