shining star of october bitcoin (BTC), expects the crypto community to perform the same in November. After the over 30% return in October, the community expects BTC, which it believes to be $100,000 very soon, to pick up significant momentum in November and continue to show $100,000 signals.
Everything seems to be going well on the Bitcoin side because the community’s belief in $100,000 continues unabated. However, according to some analysts and traders who have studied technical analysis, there may be some “troubles” from a bird’s eye view of the four-hour chart.
BTC price dropped to a two-week low on October 27, causing concern among investors. However, according to the overall chart, BTC got rid of a part of the channel where it can move down and continues to recover.
4-Hour Bitcoin (BTC) Chart
$67,000 BTC, which broke a record at the levels, then continued to decline to lower levels. The downward channel that emerged in the BTC price started a “rest period” after the rapid rise.
BTCDespite trading close to the upper trendline and well positioned for a breakout, the lack of bullish cues along the RSI, MACD and Gorgeous Oscillator does not seem to bode well for BTC.
if bitcoin If it fails to break above the October 29 high of $63,000, it could start a downside move again, which could hold the price around the $60,000 levels or push it further below. Further weakness below the midline of the Pitchfork suggests that BTC broke the 23.6% Fibonacci level and could revisit the “lows” at the $56,000 levels.
For this scenario to be invalidated, BTC price needs to rise above the $64,000 level to lessen the risk of falling lower. Toppling the mid-upper band of Pitchfork would create a significant chance for BTC to set a new record around $73k to $74k.
of BTC RSI(relative strength index) traded close to 50 in the past few days after being denied entry into the bullish zone. If the RSI strengthens above 55, BTC will be in a better position to reverse the current downtrend. With this, MACD‘s bullish cross and over 25 who weren’t in the news at the time of writing ADX He needed a supporting force.
As a result, according to an analysis based on BTC’s current charts, BTC price could continue to test the $60,000 levels before breaking out of this channel. The possibility of new lows that will occur at the level of $ 56,000 should not be ignored. If BTC wants to break the downtrend, it seems like it should recapture the $64,000 level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.