Published
2 years ago on
November 10, 2021
Bitcoin (BTC/USD) hovered right around a fresh all-time high early in the Asian session as the pair appreciated to the 69000 figure after trading as low as the 65951 level during the North American session, with the intraday low representing a test of the 23.6% retracement of the appreciating range from 57653.88 to 68568.85, the previous lifetime high. Traders are increasingly focused on the psychologically-important 70000 figure, and technical sentiment continues to be supportive and constructive. The 68515.32 level was an upside price objective related to buying pressure that emerged around the 58943.83 area.
Following the pair’s recent gains, downside retracement levels and areas of potential technical support include the 66905, 65609, 64562, 63350, 63515, 62219, and 62024 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200-bar MA (4-hourly). Also, the 50-bar MA (hourly) is bullishly indicating above the 100-bar MA (hourly) and above the 200-bar MA (hourly).
Price activity is nearest the 50-bar MA (4-hourly) at 63647.26 and the 50-bar MA (Hourly) at 67098.05.
Technical Support is expected around 53997.15/ 51245.86/ 49022.22 with Stops expected below.
Technical Resistance is expected around 69000/ 69449.40/ 77565.60 with Stops expected above.
On 4-Hourly chart, SlowK is Bearishly below SlowD while MACD is Bearishly below MACDAverage.
On 60-minute chart, SlowK is Bullishly above SlowD while MACD is Bullishly above MACDAverage.
Disclaimer: This trading analysis is provided by a third party, and for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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