RATE Group | Bullish Macro Trend Intact — But $6,800 Will Be Key
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Bullish Macro Trend Intact — But $6,800 Will Be Key

23 Nov Bullish Macro Trend Intact — But $6,800 Will Be Key

Posted at 15:08h in Bitcoin News by

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As the price of Bitcoin (BTC) was retracing from the massive rally four weeks ago, no clear indications were seen on the charts of a potential reversal. Thus, the price started to accelerate downwards to the next support areas, causing the price to drop $1,000 within one day.

Crypto market data. Source: Coin360

Crypto market data. Source: Coin360

However, is the bear market imminent, or is it still applicable to state that this is a bull market retracement? Let’s analyze the charts.

Bitcoin lost crucial $8,200 support level

As discussed in the previous article, the bearish scenario provided opportunities to potentially short the market.

BTC USD 6-hour chart. Source: TradingView

BTC USD 6-hour chart. Source: TradingView

Through this, the falling wedge structure wasn’t confirmed, and the price fell below the support zone (yellow area). After that, a small rejection was seen before the price started to fall through to the next critical support zone. This zone is marked in the green area and can also be defined through the trendline (blue line).

However, daily…

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