A significant rule in Bitcoin (BTC) is don't fight a trend in November. In November, the trend was up, and Bitcoin (BTC) exploded. In 2018 and 2019, the November trend is down. Also, into Thanksgiving, we don't want to fight any trend. So, the trend in Bitcoin (BTC) is down. The first downside target is a horizontal resistance zone on the BTC1 2-day chart near 6k. 6K is also the location of a Fib speed resistance line. Those lines have worked very well for support and resistance this year.
On a bigger picture basis, this recent decline has the potential to change the long term chart picture. China is cracking down on crypto. We heard a rumor that Binance's Shanghai office was raided by the Chinese. As a result, Binance is selling crypto to ensure they can fund operations. It also could be significant players in the know selling Bitcoin (BTC) and moving to fiat.
Bottom Line: 6k is the minimum downside target. The final downside target could be much lower because we don't know what the catalyst for the decline is. BTC1 could fall until the exact catalyst is know.
On a bigger picture basis, this recent decline has the potential to change the long term chart picture. China is cracking down on crypto. We heard a rumor that Binance's Shanghai office was raided by the Chinese. As a result, Binance is selling crypto to ensure they can fund operations. It also could be significant players in the know selling Bitcoin (BTC) and moving to fiat.
Bottom Line: 6k is the minimum downside target. The final downside target could be much lower because we don't know what the catalyst for the decline is. BTC1 could fall until the exact catalyst is know.
