11.18 Will Bitcoin continue to rise this week? When will the rise start?
Bitcoin closed out the weekly K-line today. It can be seen that the weekly line of last week closed out a large upper shadow line, which is a signal worthy of vigilance.
Then from the four-hour level, Bitcoin has been fluctuating sideways recently. As shown in the figure, connecting the high and low points of the recent oscillating trend, it can be found that Bitcoin is currently in a converging triangle trend. In the early morning, it just stepped back on the bottom trend line and is currently in the process of rebounding.
So I think that Bitcoin still has a chance to break through and rise this week, and it may appear soon. I think the breakthrough will start when the price breaks through the upper trend line. After the breakthrough, it is very likely to continue to rise and reach a new historical high.
I think everyone can look forward to this week's market. Of course, it is also possible that the breakthrough will fail and then fall back. If it falls below the lower trend line of the convergent triangle, then this week is likely to be a week of oscillation and callback. The price is likely to callback to around 85,000, which is the starting point of the bottom trend line of the convergent triangle in the figure.
In this case, the trend of Bitcoin may change from a convergent triangle to a sideways oscillating box. The Bitcoin price should still be supported at the bottom of this box, but I think the same callback to a too low position is not conducive to breaking through the historical high next.
If it can continue to fluctuate sideways at a high level, that is, it cannot fall below 90,000, then I think this market is the best. If it fluctuates sideways at a high level, a random breakthrough can smoothly reach a historical high, which will scare the bears and the bulls can move up unimpeded.
So compared to the callback, I hope that the price can fluctuate sideways at a high level, which is the most conducive to the trend of continuing to break through new highs!
