Bitcoin update, market in extreme fear. for BINANCE:BTCUSDT by BWCPT

Daily outlook:
Bitcoin is still following a bearish pattern as the quick retest of the 54K region happened dragging most of the altmarket with it.

As indicated in previous video and text update we are starting to have some serious overhead resistance in the region of 61k-62.5k.

In order to become seriously bullish we will need to close above these resistance levels.

4H outlook

The previous support at 55k is not flipped resistance and is reacting heavily to the price action. Failure to breach through this barrier would force the price to take the path of least resistance which is pointing towards the bottom of the mirror channel somewhere around 53K , also a confluencial point.

What to do :

The Market is in fear – extreme fear, COVID news, futures expiry , Evergrade failed bailout, seem almost as confluential and planned, and they can be .

Portfolio accumulation – yes , now is as good of a time as any, we can create entries at a good « Black friday » discount

Spot trades – Some coins are popping with no apparent reason, scanners identify them too late, entries in those are riskier than usual.

Futures – Not now, the market is too unpredictable , usually we have a sense of direction and we have clear supports and resistances, now we only have the Supports and resistances, the direction is still uncertain.

Closing note: This is a time to hold, watch and possibly accumulate for portfolio entries with a close eye on metaverse projects that will be updated during the next week here on the strategies channel.

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