Disclaimer: The material does not constitute financial advice or a call to action. The forecasts presented are the private opinion of their authors. Incrypted is not responsible for the investment decisions of readers.
On the night of November 15, 2023, the Bitcoin rate approached the $38,000 mark, but was unable to overcome it.
The Cryptology team explained how quotes could potentially change in the short term.
Bitcoin
On the monthly chart, the situation is twofold: the first area can be reached at $42,000, the second scenario is with a correction to capture $31,818. We are inclined towards growth or consolidation, but with the exact result of the movement of quotes. Let’s move on to the context of the lower timeframe.
This time, the $35,107 zone served as support, pushing back the price. If we can catch the reaction of quotes in this range for several days, we will continue to grow. Another important factor is the closing of the week. If we absorb last week’s growth, we will see a correction to $31,818.
On the daily timeframe, the scenario is that we need to wait for the consolidation to continue in order to be ready to go short or continue long.
On the four-hour timeframe we received “equals”, and the price had previously worked with compression. Here we either remove the compression completely and fall into the range, or we move higher in the structure.
Bitcoin Dominance Index
Here, either the 52% level acts as support and we move up, or the price falls lower, and our 50% levels will be real.
Ethereum Dominance Index
Here the price failed to show continued strength in the second week. The strength of Ethereum has begun to “deflate” – this is evidenced by the absorption of the weekly bar. However, altcoins are maintaining their weekly and daily patterns, so we would be looking for 16.50% momentum.
Altcoin market using the example of the Oasis Network token
Consolidation before equal highs lasts more than 14 days. We are ready to assume that a break above the $0.08594 level could give us a clean test of $0.11639, since the $0.07276 area acted as resistance for 280 days, and now we clearly see how this level has become support. Here we can leave the current ones or give a small rollback for future growth.
Here we consider the option with the current exit and a subsequent sharp rollback with the price being bought out. However, we are more inclined to a deeper correction in order to buy more ROSE.
