BTC has been rejected numerous times in the red sell zone between $98k and $100k. There have been rejections over the past few days since Thursday Nov. 21. We are starting to see signs of weakness for Bitcoin with BTC losing support at the white trendline. There was already a break below the white support line yesterday, but BTC managed to rebound. Today there is another break forming below the white support line again. I have the yellow support level around $92.2k, and the light blue support zone between $89.3k and $90.2k as a key support zone to monitor if BTC starts to trend down.
BTC also has a $94.1k support level to monitor for a potential bounce. I think we’re likely to see some continued volatility in both directions as we approach Thanksgiving. Usually there’s a morning rally on Thanksgiving day followed by a selloff.
BTC is showing a lot of weakness this week, price is currently below the white support level around $94.1k. I think there can be a short-term rebound, but definitely turning into a selloff.
BTC managed to form that short-term rebound after bottoming out around $92.6k. Last week I warned you guys about Thanksgiving volatility, we are starting to see some wildly unpredictable price action with a break below support followed by a quick rebound. I think BTC is trying to form support above the white trendline again around $94.4k. I would expect to see some continued volatility throughout the week.
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