4-hour chart of BTCagainst USD at a point price of $56,687 (own elaboration in Tradingview). On other occasions we have discussed how fundamentals trump any technical analysis. While at the moment the exponential moving averages, relative strength index and MacD are poised to rise, since the futures settlement last November 27, the behavior has been sideways. The discovery of a new strain of coronavirus in South Africa has been the trigger for things not going in that direction, coupled with fears that inflation in the US is not as “short term” as it appeared to be. The mix of both factors is powerful and not in the way we would all like it to be. We will see if we see a change in this trend in the remainder of November. We will keep you posted on what happens.
Chart – BTC Projection (11-28-2021)