If you are interested in our global vision of the possible movement of the Bitcoin price, as well as when the most favorable time for the start of the alt season is, then you should read our previous Bitcohttps://www.tradingview.com/chart/BTCUSDT/LOAtN496-Bitcoin-price-USDT-and-BTC-dominance-Altseason-All-here/in forecast:
Local Bitcoin situation
Today we will analyze the local situation that is forming on the Bitcoin chart
This week, buyers managed to push the price of BTC by +10% from $19,000 to $21,000 and break the first batch of short stops hiding above $20,000
Bitcoin buyers need to hold the price above $19750-20000 to continue the uptrend that is likely emerging
If this condition is fulfilled, buyers can start storming the next liquid zone from above in the area of $23,000 in search of another batch of sellers’ stops.
The critical point from the bottom, which indicates the relevance of a new growth trend, which is probably emerging, rose to $18650
A critical point from above, which indicates that sellers have not yet given up, is unchanged at $23400
The situation on the financial markets is ambiguous
In general, the situation on the financial markets is currently tense and ambiguous.
On the one hand: the quarterly reporting of the largest US companies shows not the best results (META Facebook shares reacted with a -25% drop)
On the other hand, the US GDP indicator for 3q. showed the first growth in 2022. +2.6% contrary to pessimistic expectations.
And next week, November 2, 2022. expect a rate hike by the US Fed by +0.75%
The same factors for increased turbulence in the financial markets more than necessary)
Therefore, let us remind you that sitting without a position while waiting is also a position and it looks like it is currently safe.