Bitcoin Technical Analysis November 8th

Bitcoin (BTC) price rose significantly in the week of November 1-7 and is now about to move to a new all-time high.

Weekly outlook

BTC has been on the rise since the week of October 25-31 when it broke out and confirmed the $ 60,000 area as support (green icon). This move is extremely important as the zone previously acted as an all-time high in April.

Technical indicators also support the continuation of the upward trend. The MACD, which is made up of the short and long-term moving averages (MAs), is in positive territory and rising. This means that the short-term trend is currently moving faster than the long-term trend.

The RSI, which is a momentum indicator, is also moving up, nearing the 70 level, which is a sign that bullish momentum is strengthening. The last time the weekly RSI rose above 70 was in March, while BTC rose to its all-time high in April.

Therefore, the BTC should continue to rise in the short term.


Weekly BTC / USDT Chart | Source: TradingView

BTC continues rally

The daily chart shows that BTC is about to create a big bullish candle and is heading for an all-time high of $ 67,000.

Technical indicators are also showing bullish reversal signs.

After 18 consecutive bearish momentum bars, the MACD histogram is finally about to generate higher momentum (green symbol). This is a sign that the trend is about to turn up.

Similar to the weekly timeframe, the RSI is also moving up.


BTC / USDT daily chart | Source: TradingView

The six-hour chart is also bullish. It shows BTC breaking out above a symmetrical triangle that has formed since its all-time high on October 20th.

In doing so, it broke the $ 63,500 resistance, which is both a horizontal resistance area and a 0.618 fib retracement resistance. The outbreak occurred at high volume (red icon), which increased its validity.

This is a sign that BTC is likely headed for new ATH levels.


BTC / USDT 6-hour chart | Source: TradingView

Count waves

The wave count shows that BTC is in subwave five (black) of wave one (orange) of a bullish pulse. A correction is expected once the move is complete.

The reason for this is that symmetrical triangles usually contain wave 4 (correction), so a breakout shows that BTC is in wave five.

The most likely target for the top is the $ 70,400 to $ 71,840 zone.

The target is found with:

  • External fib retracement 1.61 over wave four (black)
  • Length 1.61 from shaft one (white)
  • Length 0.382 shaft 1-3 (orange)

After BTC hits this zone, a correction phase is likely to begin.


BTC / USDT 6-hour chart | Source: TradingView

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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.


According to Beincrypto

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