The storm in Bitcoin – (is it bullish or bearish?)

November 25, 2021 - 1 week ago
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Despite the current pattern holding in a kind of limbo, it is questionable that market participants are asking whether Bitcoin, the world’s largest cryptocurrency by market value, has the dynamics to recapture the “Twin Peaks” (highs) around $US66,800 or the all-time high around $US68,955.00?

Either way, market participants are expected to closely watch Bitcoin price action as it continues to fluctuate between $55.8k and $60k.

Bitcoin bears have been gathering throughout last week; however, the Fibonacci retracement support at 38.2% with the value at $US53,500.00 appears to have put the brakes on the decline (for now).

It is assessed, this area and beneath will entertain bottom-fishers (meaning (demand/buyers)), with the broad (potential) base at 50% at $US48,600.00.

As Bitcoin bears continue to search for a ‘price bottom’ this week, they could soon see a bullish response, either from 38.2% or lower at 50%.

Conversely, a break and close above $US60,400.00 could be viewed as the trigger to a bull-run.

Daily Chart of Bitcoin

Meanwhile, Ethereum stands firmly above the area where demand resurfaced and triggered a rebound from the $US4,000.

A close above $US4,480 should specifically ignite the bull run back to the $US4,800-25 highs.

Based on the chart pattern, along with the support holding at 38.2% at $US4,000, its daily upward trend could see the bulls reclaiming the recent highs.

Daily Chart of Ethereum

Binance Coin – Bulls observe $600 mark
Binance Coin (BNB), the utility token of global crypto exchange Binance, is technically still on course to set a new all-time high if the bulls can crack the resistance at $US608.0.

If the market bulls can surpass this level, this would open the bullish path to $US645.0 to $US655.0.

The bullish call holds while the broad uptrend line holds at $US540.0

Daily Chart of Binance

On a lighter note, Mr Goxx, the cryptocurrency trading hamster with big profits, has died.

Cryptocurrency trading hamster Mr Goxx, who made headlines around the world for a profit performance that exceeded major stock markets, also beating the performance of Warren Buffett from his tiny desk in a cage somewhere in Germany — has died.

The furry financier – real name was Max – the beloved hamster who enchanted the world by playing the cryptocurrency market finished with a lifetime trading profit of +19.72%, earning his owners nearly a hundred euros in profit.

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