Bitcoin Technical Analysis November 9th

Bitcoin (BTC) is continuing an upward trend that began on November 6th and hit a new all-time high on November 9th.

Day outlook

On November 8th, BTC created a bullish bar that took it to an all-time high. Continuing the surge the next day resulted in a new ATH of $ 68,524.

The technical indicators are rising and support the continuation of the uptrend.

The MACD, formed by the short and long term moving averages (MA), is moving up and its histogram has returned to positive territory.

Likewise, the RSI is rising and nearing 70. The strongest parts of the upward move occur when the RSI crosses above 70.

BTC / USDT daily chart | Source: TradingView

Overeating

The six-hour chart shows that BTC broke out above a symmetrical triangle on November 7th. This confirms that the previous correction is over and BTC has started a new uptrend.

A break above the $ 63,500 resistance area, which corresponds to the 0.618 fib retracement level and the horizontal resistance area, further confirms this.

Similar to the daily timeframe, both RSI and MACD are rising, which supports the continuation of the uptrend.

BTC / USDT 6-hour chart | Source: TradingView

The 2-hour chart is showing the first signs of weakness in the form of a bearish divergence of the RSI. However, the MACD is still rising sharply.

If there is a near-term decline, the $ 66,300 area is expected to act as support and help it rebound.

BTC / USDT 2-hour chart | Source: TradingView

Count waves

The wave number indicates that BTC is in wave one (orange) of an upward impulse that has lasted since September 21st. In this, BTC is in a sub-wave five (black). This is the last wave of this upward move after which a correction is likely.

The most likely target for the top of this move is between $ 70,400 and $ 71,840. This target area is determined by measuring:

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

BTC / USDT 6-hour 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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