On the technical battlefield of the Bitcoin course (BTC), the ATH „shorteurs“ camp is opposed to the „long only“. Let’s take stock of the immediate graphic cartography.
Bitcoin (BTC) – „Healthy“ Consolidation under ATH
An ATH in lead screed
Since the expiration day on Thursday, November 26th on the futures market, the price of Bitcoin Bank has entered a trading range sequence that fuels all the discussions of cryptos traders and analysts.
Two sides are battling it out on the technical battlefield, the ATH „shorteurs“ (who remember January 2018) and the „long only“ who are waiting for a powerful „short squeeze“ to accelerate towards $22,000. At this point, although the ATH sellers are winners, no one is satisfied in the end, as the market is building a side range between $16,000 and $19,000.
Let me once again remind you that there is plenty of room on the medium/long term charts for this trend-free phase, enough to consolidate the overly vertical rise of October and November. According to the Chicago Stock Exchange data, the institutional open position remains massive in contact with the ATH, the lock cannot jump just like that at the first test.
Below, this weekly chart (medium-term framework) shows the 3 opposing camps on the technical battlefield.
Graphic showing the weekly Japanese Bitcoin candles (BTC)
The background chartist mapping is as follows: the $14,000/$16,000 zone is the backdrop for the bullish momentum and the ATH remains a powerful cover for the prices. Let’s now review the short term technical analysis with a daily data chart. The price of Bitcoin exited the bottom yesterday from an intraday triangle. For more information, see my video on this subject:
The bearish target of $17,800 was reached this morning and the market is testing to defend a support, a trend line and the Kijun-sen (brown line) of the Ichimoku system. If the BTC rebounds on this support at $17,800, then a new test of the ATH will take place quickly. Otherwise, if it breaks $17,800, Bitcoin will reach $16,000 even faster. The immediate technical pivot for now and for the rest of the week is therefore at $17,800.