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.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.