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Decision Point for Bitcoin 11.22.2021
November 22, 2021 at 5:00 AM
by NewWave Traders

Key Points:
1. #BTC in current demand zone that could allow it to move up, but probability increases for downside trend if it loses current support at $55600
2. Ethereum #ETH loses its ascending channel and looking to move into larger correction, which may impulse to the downside
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Bitcoin has reached a decision point and one of the last chances that the bulls have to step in to provide upward continuiation to $100K+ targets. However, the recent weekly candle close shows some favor toward the bears as they look to push price into a larger correction that could see levels drop to the $55K and $40K levels. BTC is in a current demand zone, which would be a good place to pivot, however, the support may only provide short term relief for the bulls up to the $66K area where the trend could reverse and claim some of the lower levels, including that crucial $54K invalidation. Dive deeper by watching this weeks video.

Ethereum moved out of its ascending channel, which may be the beginning of a bearish trend, but the real question will be if this is a small correction, or if ETH is moving into a bigger correction for the larger move up from $1700. ETH did print a five-wave move as the start of its correction, which would form into a zig zag or a larger impulse down. ETH may move up in the short term as part of an ABC or wave 2 correction, but should it lose its support at $4100, look for it to turn back into bearish hands and longer continuation to the downside. For a more technical breakdown, check out the video above.

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