Bitcoin is sideways, but it can move higher out from an Elliott wave triangle and towards 40k.
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Cryptocurrencies are in uptrend for the last few weeks, a move that even accelerated at the end of October and start of November when US yields turned down, which is supported for the cryptocurrencies as the dollar turned down. In fact, US yields are looking toppy after the latest US CPI data, meaning more weakness can be bearish for USD and supportive for the BTCUSD at the same time.
Looking at the Bitcoin, there is a nice ongoing triangle pattern here in wave four consolidation. In fact we warned about the pullback on November 10 when outflows increased on some “temporary optimism” that lead to “pullback”. Well so far that’s a nice two week sideways move, which is about to be broken, so maybe a volatile session will still show up on thin liquidity due to the Thanksgiving holidays.
On the other-hand, if I am wrong and if price will break 35600 swing support from this week, then pullback will be lower and more complex but still correction. In such case deeper supports to watch for a bounce can be at 34k followed by 32k.
Trade well, and if you are celebrating I wish you a happy Thanksgiving.
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