BTC - Important Market Structure point

23 nov 2021

BTC has been riding inside an upwards channel-like structure for many days in a row. Right now, price is resting at the bottom of this channel. Below the channel (at the ~52750 level) is an important level of support (previous swing high on the Daily Chart). This level is also in the middle of 50% - 61.8% fibonacci golden zone, so reversal might take place in this area, however closing below that level is bearish sign.