Bitcoin broke above the symmetrical triangle on November 8. Now the chart shows that it is consolidating above 6/8 of murray and it is likely to continue this trend in the coming days until the price reaches the area of 3/8 murray around 68,750 and up to 4/8 murray around 75,000 as their ultimate goal.
According to the daily chart, we observe that from October 16 to November 8, Bitcoin has been consolidating within a symmetrical triangle. This pattern was broken a few hours ago which could mean that in the short term Bitcoin could move up to the psychological level of $ 75,000.
On the contrary, if BTC consolidates again below the SMA of 21 located at 61,999, a correction movement could occur to 1/8 of murray around 56,250. If this support is broken, BTC could fall to the psychological level of 50,000. The final target it could even test the strength of the support of the 200 EMA is located at 47,275.
The eagle indicator is still giving a bullish signal. After it makes a correction towards the 2/8 murray level around 62,500, the crypto could give us a good chance to buy with targets towards 68,750 and up to 75,000.
The medium-term outlook for BTC continues to be bullish given that this week Bitcoin broke above the technical triangle pattern and is now consolidating above the 21 SMA. This could increase market optimism and we could expect new all-time highs in the coming days.
Our forecast remains bullish for BTC as long as it trades above the 21 SMA and above the 2/8 murray. We can continue buying with targets until 4/8 of murray. The eagle indicator is supporting our strategy.
Support and Resistance Levels for November 08 - 09, 2021
Resistance (3) 69,819
Resistance (2) 68,750
Resistance (1) 67,031
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Support (1) 64,913
Support (2) 63,465
Support (3) 62,500
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A trading tip for Bitcoin for November 08 - 09, 2021
Buy above 62,500 (SMA 21) with take profit at 68,750 and 75,000 (4/8), stop loss below 61,000.
The material has been provided by InstaForex Company - www.instaforex.com