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November 9, 2021

Bitcoin Back For More- What You Should Know

Frank Cabibi

11/9/2021

Two weeks ago, COT data showed a flattening in long contracts bought by institutions which then spiked last Friday when big money bought the most amount of long contracts in over a year. Meanwhile, short position contracts declines slightly last Friday.

Our outlook

What I feared last week was big money moving out of these long positions and looking to short the coin after it hit all-time highs. But that fear subsided after seeing this latest report from COT. Now it looks like bitcoin won't be entering into a longer-term downtrend for at least this week, although it could still pullback to support before climbing again.

Trade Setups

BTCUSD

Price hit ATH and looks like it might be ready to pull back, although there is still lots of time for the candle to change behavior until the close. Support can be found at the rising trend line that did end up supporting price enough for it to not collapse, and $64285 could serve as additional support as well.

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