BTCUSDT: Short-Term Analysis for 16/11/2024

Disclaimer: This analysis is for informational purposes only and should not be considered as investment advice. Cryptocurrency markets are highly volatile, and prices can fluctuate rapidly. Always consult multiple sources and conduct thorough research before making trading decisions.

Time Frame: 1-hour

Market Analysis:
Following our previous analysis, the market remains in a consolidation phase. Although the price bounced off the OBV support and still respecting the lower channel trend line, however, it lacks impulsive momentum, indicating the correction phase persists.

However, a breakout above the daily Point of Control (POC) at 91,104.0 could be a pivotal catalyst. If this level transitions into support, we anticipate a substantial upward surge in price.


Alternative Scenario

On the other hand, If price dips below invalidation level at 87,815.0 This would warrant caution, as it increases the likelihood of continued downward momentum to fill the gap at 83,997.0 - 82,773.00.

Key Levels:

• POC: 91104.0
  
• Resistance: 94,120.00 - 97,000.00
  
• Local High: 93,421.00
  
• immediate support: 89255.3
  
• Invalidation: 87,815.0
  
• support: 87,104.00 - 86,087.00
  
• Gap: 83997.2 - 82773.3
  

Trading Bias:

The market remains in consolidation, having absorbed inducements from both sides.Additional support is added at level 89255.3. The volume is low. If the price slips below the invalidation point, the bullish narrative would be compromised, potentially triggering a reversal.

https://www.tradingview.com/x/ZWEJ9qHn/