Technical Analysis for BTCUSD for 5th November 2021
BTC/USDT Flatlines above $60k, are Bitcoin Bulls losing Grip?
Past Performance of BTC
There might be bear attempts after a solid close of October.
However, the uptrend remains clear, and buyers are firmly in control.
Week-to-date, IOTA bulls outperform the greenback, indicators of strength.
What to Expect of BTC
There is a tinge of weakness, but buyers are confident.
Despite this upbeat outlook by traders, a slide below the $58k may shift the tide to favor sellers in the short-to-medium term.
In that case, BTC may slide to $53k in a retest.
However, a recovery from spot rates, unwinding losses of November 4, and syncing with gains early this week may be the foundation for another move higher above $64k towards all-time highs at $67k—or better.
Bitcoin Technical Analysis
BTC/USDT prices are moving inside a wedge, with sellers gaining traction.
The inability of buyers to plug the bleed of the past two days raises concerns, calling into question the strength of buyers.
Still, BTC bulls stand a chance above the support zone of between $58k and $60k.
As mentioned, losses below the lower limit may see BTC drop to $53k.
On the upper end, confirmation of the November 2 bar will reposition BTC above the middle BB, drawing demand and potentially driving the coin above $64k in a buy trend continuation.
Resistance level to watch: $64k
Support level to watch: $58k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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