Technical Analysis for BTCUSD for 12th November 2021
Bitcoin Prices Stabilize above $64k on Inflation Concerns, will BTC/USDT Reclaim $67k?
Past Performance of BTC
Bitcoin is solid to the upside, trading at near all-time highs.
Trading in a bullish breakout pattern, buyers are in a commanding position.
Even so, confirmation of recent losses may force the coin below $64k and even $60k—a psychological support in the short-term.
What to Expect of BTC
There might be pockets of weakness as per the BTC/USDT technical analysis in the daily chart.
Nonetheless, yesterday, BTC buyers absorbed the selling pressure of November 10, plugging the bleed and providing the much-needed support.
As long as BTC prices trend above $64k—H1 2021 highs--, buyers have a chance.
In that case, risk-off traders may load the dips in anticipation of price expansion to $67k and even better in the days ahead.
Bitcoin Technical Analysis
Despite the drawdown of the last three days, the BTC price is trading within a bullish breakout pattern above the pennant.
This follows the sharp gains of early November.
In the days ahead, every low may offer entry.
However, this outlook is valid above $64k. If buyers flow back, BTC prices may float to $67k in a buy trend continuation pattern.
Conversely, sustained losses below $64k could trigger liquidation, forcing BTC/USDT back to $60k—or lower.
This will be as BTC price action finds equilibrium following the overextension of November 9.
Then, BTC/USDT prices closed above the upper BB, signaling over-valuation--which was corrected on November 10.
Resistance level to watch: $67k
Support level to watch: $64k and $60k
Disclaimer: Opinions expressed are not investment advice. Do your research.
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