“Crypto market sentiment has been in fear since last wk. Fear indicator is mainly used by professional cryptocurrency traders as a buy signal”— Paul Ebeling
The daily BTCUSD chart signals an upcoming uptrend continuation of the BTC rally. The correction of 10 November looks to end soon, on the score of hitting the Fibo 0.5 mark.
The correction of 26-28 November was also a retest of the prior major resistance of y September as support. This is another signal to the Northwards continuation.
The 4H chart suggests that Bitcoin is on a way for a slight pull back before the possible uptrend, since RSI is close to the overbought area. The confirmation of Bitcoin’s next Bull run will be when BTC breaks above and closes above this dynamic resistance. A retest of a local support at $55800 is also possible before the next run.
It is Key to track the progress of the new Covid19 variant and the responses of governments to its development.
Fed Chairman Powell will testify before the Joint Economic Committee today and will provide an economic outlook, and mainly will repeat he said earlier Monday, 29 November 2021.
Have a prosperous day, Keep the Faith!