11.15 Bitcoin continues to pull back after breaking a new high! What conditions are needed to continue to break a new high next week?
Bitcoin reached a high of around 93,300 in the early morning of the 14th. After the price increase, Bitcoin began to fall continuously. Then in the evening of the 14th, the price continued to try to rebound, but the highest was only around 91,800, and then it began to fall again.
So far, the lowest pullback after this market surge is around 86,800. The price is temporarily supported here, but from the previous market, we can also see that the Bitcoin price fell below an upward trend line when it reached this price.
So the current market is still relatively critical. Although it seems to be entering a weekend volatile market, I think it is still important whether the price can return to above this trend line today. If it returns to above the trend line, then there is a high probability that the weekend will enter a sideways volatile trend, and there will still be opportunities to continue to break through and rise next week.
Because the current trend line can also be seen from the top, the current shape may be a convergent triangle shape. It is about to enter the weekend time. I think convergent oscillation is the most suitable trend.
But if the price cannot rebound at present. If it hits the trend line and tries to fall again, then when entering the weekend market, the situation is not good. It is very likely to break below 85,000. If it wants to rise next week, it will consume a lot of energy, but it can only touch the position near 90,000. In the future, Bitcoin will basically reach the top. Entering a long period of sideways fluctuations at the top, if it fluctuates sideways for a long time and cannot go up, it will start a downward trend.
So today I suggest that everyone pay attention to whether the price can return to the top of the trend line. If it continues to rebound and return to this convergence range today, I think we can consider the opportunity to ambush and get on the bus in advance before next week. The probability of continuing to sprint to a new high next week will be very high.
