Bitcoin: Technical analysis for November 23, 2023

Hello from the crazy crew at Altcoin Wonderland!!! It’s Thursday, November 23, 2023, and time to look at what’s next for Bitcoin, which obviously moves the whole crypto market. What is Bitcoin’s next move? What will altcoins do? Let’s take a look…

Bitcoin weekly chart

First, I’d like to make a quick comparison between the 2017–2019 bear market and the current 2021–2023 one. There are many similarities. For example, in 2017–19 Bitcoin had formed a wide trading range from $5,904 to $19,708, with the range’s mid zone at 11.5k to 13k. Back then Bitcoin built its “bottom” below $5,904. We see something similar now, as it moves between 17.6K and 65.2k with the mid zone at 38k to 40k. In both bear markets there was a fair value gap near the middle of the range, which Bitcoin filled as it climbed from the bottom toward the middle. In 2019 the FVG was between 11k and 13k, and now it’s between 35k and 38k. So just as in 2019, when the price rose a bit above the middle of the range and then tumbled 50% toward 6k over the following months, we may now see a move toward 42K followed by a correction toward 28k–30k.

Bitcoin daily chart

With all the events of the past few days, the delay in the Bitcoin spot ETF approval and the US crackdown on Binance and its win against the exchange, we saw the price stay relatively stable, which is a fairly positive sign for now. We can see Bitcoin in the process of building a bullish pennant, which usually breaks upward, with a target of 41k–42k. So Bitcoin’s next move in December will logically be up. The other scenario is that we go down to 33k, and if we don’t see a bounce from there, we’ll continue to 28k–30k.

What will altcoins do?

If we look at the market cap of all altcoins excluding BTC, ETH and stablecoins, we see that it is right at the top of its range. As long as we stay above $158 billion, ideally above $164 billion, altcoins will keep rising.

That’s it from me. Keep going strong, folks, and be careful! Always use risk management, stop losses and proper position sizing. Happy trading! Thanks a lot!

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