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Bitcoin analysis – Buyers remain confused



After the tough week and the FTXTen days have passed since the Bitcoin shows no trend and remains flat, waiting for more positive news. Technically, the edge is not far, but support still holds.

Bitcoin – Weekly chart: Buyers at half-mast.

It has been two weeks since the violent sell-off that followed the FTX affair. Two weeks without a major trend, and decreasing volatility. Buyers stunned, sellers holding their ground, in short, a situation that is now evolving without trend..

Bitcoin – Weekly chart

The backdrop continues to be obviously bearish, with a Tenkan weekly at $18,640 which will act as resistance if prices decide to attempt a bounce. However, note the divergence of the MACD indicator with respect to prices. A hint of a possible end to this never-ending decline. ?

Finally, a Elliot wave count indicates a possible end to the downtrend.. With a five-wave construction targeting the $16,000 area. Also here, a first clue will be given by the upward breakout of the weekly Tenkan..

Bitcoin – Daily chart: the start of a rebound?

The Bitcoin has withstood several onslaughts from sellers and its $15,880 zone continues to hold.. Sellers are holding their positions and waiting for a break below this level to reinforce their orders.

Bitcoin – Daily chart

Today, Wednesday, November 23rd, Prices are breaking the daily Tenkan on the up. If it closes above this figure, it will be a blessing for buyers. With a first target of $18,500. The current construction suggests this scenario, with 15,880 as the main support and 14,600 as the last resort..

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It should be noted that the MACD is about to give a buy signal.with a possible bullish crossover of its moving averages. This signal will confirm the willingness of prices to retest the old technical support, which had been resisting for several months

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