BTC Analysis For This Week

After sideways consolidation for the past month, a short term bearish break can occur within this week.

- Symmetrical triangle formed mid September during consolidation recovery. Prices breaking out of triangles tend to break on continuing the trend it came in with.

- Fibonacci Retracement level at .382 lines up with final high of triangle. This is a likely resistance area.

- 56.00 level at RSI is a common resistance/support level for bitcoin. Positive slope of RSI heading towards that level suggests a possible bounce to the downside.

- As we all know, the BTC CME's gap at $9,600 is still yet to be filled.

- 200 EMA & SMA would give BTC support/resistance levels on its way down towards the gap.

- Historical Volatility being in the extremely low numbers is known for gives an indication that a large volatile move will come.(Ex. February 2020) This likely indicates the bearish break of the consolidation period.