BITCOIN, Be prepared!

11 thg 11, 2022

Hello traders and followers. We are going to take a look at BTCUSDT and the scenarios we might have in the following days.

First and foremost don't forget to like this idea if you agree with it, it motivates us to create more.


Now let's get started with the fundamental background that has had two major events this week:

- Binance/FTX feud has caused a lot of distress in the cryptocurency markets as you well know, we still do not have a conclusion
and some tweets can change the price action even over the week end, so i strongly recommend following the accounts that are involved in this.

- CPI announcement yesterday. Caused both currency and cryptocurrency market to jump due to the fact that inflation is showing signs of decreasing.



Technicals:

BTC daily is not looking good, we broke the structure we had before and we are now strugling to break above it.
A positive tweet related to the FTX situation may be the catalyst for the break above, we don't have it yet.



Zooming in the 4h chart we can notice the formation we are in , triangle that is supported by a very weak trendline that
doesn't have that much history.

Note the buy volume that is decreasing - indicating a divergence in the price action, giving a bearish scenario more chances to happen.

In this 4h chart you will also find a 0.33-0.66 Fib that we use with the assumption that closing above 0.33 will increase our
chances to eventually get to 0.66 which is standing at $19.483. Using this indication in priority to the resistance plotted on the chart.



Bearish scenario that still stands



On November 2020 we plotted a daily bullish orderblock that has since never been mitigated, and in my opinion stands as the main point of interest
for longing and as a potential target for shorts if we break this formation on the lower side.


This is my analysis on the daily price action, i hope it was usefull.

Keep a hefty bag of stables , be prepared for both scenarios