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Technical Analysis for BTCUSD for 12th November 2021

Bitcoin Prices Stabilize above $64k on Inflation Concerns, will BTC/USDT Reclaim $67k?



The latest economic readings show that annualized inflation in the U.S. rose to a 30-year-high, surpassing expectations in October 2021. Analysts are confident of Bitcoin's prospect. It is an asset built as a shield against inflation and a store of value during periods of uncertainty.


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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