Bitcoin Technical Analysis November 4th

Bitcoin (BTC) is still trying to break the $ 63,530 resistance area. This could lead to a new all-time high.

Day outlook

BTC fell significantly in the early hours of November 3rd, as low as $ 60,382. However, it ricocheted shortly afterwards, creating a long wick (black arrow) at the bottom. This is seen as a sign of buying pressure, as the lower price levels are not being sustained.

Technical indicators are still giving mixed signals.

MACD is positive, but its histogram has produced 14 consecutive lower pulse bars (black circle). This shows that the short-term MA is gradually slowing down.

However, the RSI appears to have bounced off the 50 line after falling further. This is a sign that the momentum is still growing.

While price action is bullish on the daily timeframe, the technical indicators are giving mixed signals.

BTC / USDT daily chart | Source: TradingView

Future movement

The six-hour chart shows BTC breaking across a descending parallel channel and then confirming it as support. This shows that the correction has been completed since the all-time high.

Since then, BTC has been moving along an ascending support line (dashed line). Yesterday’s rally took place when BTC hit the support line (green symbol) and 0.618 fib retracement support at $ 61,270 (black).

The main resistance area is at $ 63,530. This is both a horizontal resistance range and a 0.618 fib retracement resistance (white).

A break above this level could help the price move higher quickly.

BTC / USDT 6-hour chart | Source: TradingView

Count waves

The number of waves suggests that BTC is in subwave five (black) of wave one (orange). This means that BTC will likely bounce back one more time before a short-term correction occurs.

The goal for the local peak is $ 73,000. It is determined using the external fib retracement level of 1.61 on sub-wave 4 (black) and the projection of waves 1-3 (white).

BTC / USDT 6-hour chart | Source: TradingView

Another possibility suggests that BTC is in a 1-2 / 1-2 waveform. In this case, it is currently in wave three, which means the uptrend could pick up quickly. In this capacity, BTC could soar very high before another correction.

Both possibilities suggest that BTC can hit a new all-time high and hold its own in a long-term uptrend.

BTC / USDT daily chart | Source: TradingView

You can see the BTC price here.

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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