Currently, Bitcoin has risen approximately 40% from October\u2019s close, demonstrating its robust bullish momentum as it approaches the close of November\u2019s monthly candlestick next week. <\/p>\n\n\n\n
Bitcoin <\/h2>\n\n\n\nThe Weekly<\/em> chart of Bitcoin <\/h3>\n\n\n\n![\"weekly](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241123-BITCOIN-REPORT.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nBitcoin\u2019s weekly chart reveals a decisive bull breakout from a six-month trading range between $50,000 and $70,000. Within this range, $60,000 served as strong support, while $70,000 marked firm resistance, creating a battleground of equilibrium. Bears attempted to break below the range toward $40,000, but aggressive buying at $50,000 preserved the structure.<\/p>\n\n\n\n
The turning point was the breakout above the March 14th all-time high a couple of weeks ago, which heralded a significant shift in the market cycle. This move initiated a trend that accelerated toward the measured move projection near $100,000. The current weekly chart displays three large bull breakout bars.<\/p>\n\n\n\n
As Bitcoin hovers near $100,000, this area symbolizes a critical resistance. It represents a paramount psychological barrier, a measured move of the six-month trading range, and doubled gains for those who entered at $50,000. However, the presence of sellers does not guarantee a reversal, but it creates a level where trades can be structured with clearer statistical metrics.<\/p>\n\n\n\n
Most bulls are likely to take partial or full profits here. New buyers may delay entries, waiting for a pullback below the previous week\u2019s low or a 33\u201350% retracement of the breakout. Persistent bullish momentum could invalidate this resistance. If Bitcoin closes strongly above $100,000, it suggests the resistance was weak, paving the way for further gains.<\/p>\n\n\n\n
Bears are likely to sell with limit orders above this week\u2019s high or close, setting stop-losses near $105,000 or $110,000. Their targets may include $90,000 or $80,000. Bearish traders waiting for confirmation may rely on lower timeframes to identify bear reversal patterns.<\/p>\n\n\n\n
Next week, a weekly bar closing below this week\u2019s high or close would be reasonable to expect. Otherwise, continued bullish momentum may force traders to revise resistance assumptions.<\/p>\n\n\n\n
The Daily<\/em> chart of Bitcoin <\/h3>\n\n\n\n![\"daily](\"https:\/\/www.brookstradingcourse.com\/wp-content\/uploads\/2024\/11\/20241123-BITCOIN-REPORT-1.png\" "\\"\\"")
<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nOn the daily chart, Bitcoin is within a tight bull channel. This week saw a third bull breakout within the channel, driving the price far from the 20-day exponential moving average (EMA) and reaching the $100000 zone. The distance from the EMA signals potential overextension, raising the likelihood of a pullback or sideways trading.<\/p>\n\n\n\n
Last week, Bitcoin\u2019s micro channel of 11 consecutive bull bars ended as the price dipped below Saturday\u2019s low. As anticipated, traders bought the pullback, resuming the upward trend. Now, as Bitcoin tests $100,000, the difficulty of buying increases due to the strong resistance at this level.<\/p>\n\n\n\n
Buyers may seek opportunities after pullbacks to: A 33\u201350% retracement of the bull breakout. A test of the 20-day or 50-day EMA. The last bull breakout low. A high 2 or high 3 formation (subsequent pullback entries in a bull trend). Consecutive strong bear bars, signaling overreaction and potential recovery.<\/p>\n\n\n\n
Some bears started selling Friday above Thursday\u2019s high, aiming for retracement levels such as $95,000 or $90,000. A deeper pullback toward the $73,835 breakout point may occur, but this scenario is less likely without the formation of a double top or a tight or broad trading range.<\/p>\n\n\n\n
Thank you for taking the time to read this analysis. Your engagement drives these insights, and we invite you to share your thoughts, strategies, and feedback. If you found this analysis valuable, please share it with fellow enthusiasts and market participants. Wishing you successful trades!<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nBitcoin\u2019s weekly chart reveals a decisive bull breakout from a six-month trading range between $50,000 and $70,000. Within this range, $60,000 served as strong support, while $70,000 marked firm resistance, creating a battleground of equilibrium. Bears attempted to break below the range toward $40,000, but aggressive buying at $50,000 preserved the structure.<\/p>\n\n\n\n
The turning point was the breakout above the March 14th all-time high a couple of weeks ago, which heralded a significant shift in the market cycle. This move initiated a trend that accelerated toward the measured move projection near $100,000. The current weekly chart displays three large bull breakout bars.<\/p>\n\n\n\n
As Bitcoin hovers near $100,000, this area symbolizes a critical resistance. It represents a paramount psychological barrier, a measured move of the six-month trading range, and doubled gains for those who entered at $50,000. However, the presence of sellers does not guarantee a reversal, but it creates a level where trades can be structured with clearer statistical metrics.<\/p>\n\n\n\n
Most bulls are likely to take partial or full profits here. New buyers may delay entries, waiting for a pullback below the previous week\u2019s low or a 33\u201350% retracement of the breakout. Persistent bullish momentum could invalidate this resistance. If Bitcoin closes strongly above $100,000, it suggests the resistance was weak, paving the way for further gains.<\/p>\n\n\n\n
Bears are likely to sell with limit orders above this week\u2019s high or close, setting stop-losses near $105,000 or $110,000. Their targets may include $90,000 or $80,000. Bearish traders waiting for confirmation may rely on lower timeframes to identify bear reversal patterns.<\/p>\n\n\n\n
Next week, a weekly bar closing below this week\u2019s high or close would be reasonable to expect. Otherwise, continued bullish momentum may force traders to revise resistance assumptions.<\/p>\n\n\n\n
The Daily<\/em> chart of Bitcoin <\/h3>\n\n\n\n<\/a><\/figure>\n\n\n\n<\/div>\n\n\n\nOn the daily chart, Bitcoin is within a tight bull channel. This week saw a third bull breakout within the channel, driving the price far from the 20-day exponential moving average (EMA) and reaching the $100000 zone. The distance from the EMA signals potential overextension, raising the likelihood of a pullback or sideways trading.<\/p>\n\n\n\n
Last week, Bitcoin\u2019s micro channel of 11 consecutive bull bars ended as the price dipped below Saturday\u2019s low. As anticipated, traders bought the pullback, resuming the upward trend. Now, as Bitcoin tests $100,000, the difficulty of buying increases due to the strong resistance at this level.<\/p>\n\n\n\n
Buyers may seek opportunities after pullbacks to: A 33\u201350% retracement of the bull breakout. A test of the 20-day or 50-day EMA. The last bull breakout low. A high 2 or high 3 formation (subsequent pullback entries in a bull trend). Consecutive strong bear bars, signaling overreaction and potential recovery.<\/p>\n\n\n\n
Some bears started selling Friday above Thursday\u2019s high, aiming for retracement levels such as $95,000 or $90,000. A deeper pullback toward the $73,835 breakout point may occur, but this scenario is less likely without the formation of a double top or a tight or broad trading range.<\/p>\n\n\n\n
Thank you for taking the time to read this analysis. Your engagement drives these insights, and we invite you to share your thoughts, strategies, and feedback. If you found this analysis valuable, please share it with fellow enthusiasts and market participants. Wishing you successful trades!<\/p>\n\n\n\n
\n\n\n\nMarket analysis reports archive<\/h3>\n\n\n\n
<\/a><\/figure>\n\n\n\nOn the daily chart, Bitcoin is within a tight bull channel. This week saw a third bull breakout within the channel, driving the price far from the 20-day exponential moving average (EMA) and reaching the $100000 zone. The distance from the EMA signals potential overextension, raising the likelihood of a pullback or sideways trading.<\/p>\n\n\n\n
Last week, Bitcoin\u2019s micro channel of 11 consecutive bull bars ended as the price dipped below Saturday\u2019s low. As anticipated, traders bought the pullback, resuming the upward trend. Now, as Bitcoin tests $100,000, the difficulty of buying increases due to the strong resistance at this level.<\/p>\n\n\n\n
Buyers may seek opportunities after pullbacks to: A 33\u201350% retracement of the bull breakout. A test of the 20-day or 50-day EMA. The last bull breakout low. A high 2 or high 3 formation (subsequent pullback entries in a bull trend). Consecutive strong bear bars, signaling overreaction and potential recovery.<\/p>\n\n\n\n
Some bears started selling Friday above Thursday\u2019s high, aiming for retracement levels such as $95,000 or $90,000. A deeper pullback toward the $73,835 breakout point may occur, but this scenario is less likely without the formation of a double top or a tight or broad trading range.<\/p>\n\n\n\n
Thank you for taking the time to read this analysis. Your engagement drives these insights, and we invite you to share your thoughts, strategies, and feedback. If you found this analysis valuable, please share it with fellow enthusiasts and market participants. Wishing you successful trades!<\/p>\n\n\n\n
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