Nova Trading | WEEKLY BTC UPDATE | 12 NOV - 18 NOV 2021

So after a few weeks of reaching ATH over and over, BTC seems to have stagnated on 69k. We had a decent rejection and are now trading at 64k. What can we expect for the next week?

Well at this moment we are at a crucial point in the chart. BTC does not seem very strong at this point, however, we are consolidating right above the mid-term uptrend-line, meaning we could have a good bounce anytime soon. If we don’t make a decent bounce on this uptrend line I would imagine BTC to go on a downtrend move for at least a couple of days.

The following chart is something im watching closely for the next couple of days. I think in the next 48 hours we should at least have a clear move to the direction BTC is going to trend on the short-term.

Make your best use out of this. Long term spot holds can be accumulated in this accumulation area, if we break uptrend, we might go 60k first, if that level breaks, I would target 52k and start accumulating some more in that area.