TECHNICAL ANALYSIS VIEW OF BITCOIN 11/02: IS THE BITCOIN ETF EXC
Hello traders!
As of the October 31 analysis, Bitcoin is still in the distribution zone and is in phase B of the distribution phase according to Wyckoff. The event that the FED kept interest rates unchanged did not create any significant boost but created an important price action for Bitcoin during this period. Excitement over Bitcoin ETF news is over. “Buy rumors, sell news” has happened.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 2:
Timeframe H1 (BTCUSDT pair chart on Binance):
As of the October 31 analysis, Bitcoin is still in the distribution zone and is in phase B of the distribution phase according to Wyckoff. The event that the FED kept interest rates unchanged did not create any significant boost but created an important price action for Bitcoin during this period. Excitement over Bitcoin ETF news is over. “Buy rumors, sell news” has happened.
Let's come to some technical analysis comments according to Wyckoff on the BTCUSDT pair on November 2:
Timeframe H1 (BTCUSDT pair chart on Binance):