Technically Speaking – November 27, 2023

A pause or pullback with $BTC‘s current price action shouldn’t be unexpected. ✋

There are significant gaps between the bodies of the weekly candlesticks and the Tenkan-Sen, and the length of time these gaps have existed is four consecutive weeks. 

BTCUSD Weekly Chart – Click to enlarge.

These types of gaps often correct within four to six periods. Within the Ichimoku Kinko Hyo system, candlestick bodies and the Tenkan-Sen don’t like being far apart. They’re like a needy, jealous relationship; when one gets too far away, they panic and can’t wait to be back together. 

The nearest support level is the Tenkan-Sen at $32,492, but because the Chikou Span is above the Cloud and because it responds to the same support and resistance levels as price, Senkou Span B at $33,790 is where support might be found if prices do pullback. 👉

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