Bitcoin Price Analysis— November 7
BTC continues to trade along my eighteen-day-long descending trendline, following another sharp rejection from the $64,000 top. However, the flagship cryptocurrency has recorded a decent rebound since the correction to the $60,000 psychological support and aims to retake the $63,000 zone. That said, bulls need to hold above the $61,785 critical juncture (bolstered by the 4-hour 50 SMA) to sustain the current bullish momentum. A bullish resurgence seems likely to occur in the near term, as my MACD indicator resurfaces out of bearish conditions.
Meanwhile, my resistance levels are at $62,000, $63,000, and $64,000, and my key support levels are at $61,000, $60,000, and $59,000.
Total Market Capitalization: $2.76 trillion
Bitcoin Market Capitalization: $1.17 trillion
Bitcoin Dominance: 42.4%
Market Rank: #1
Meanwhile, my resistance levels are at $62,000, $63,000, and $64,000, and my key support levels are at $61,000, $60,000, and $59,000.
Total Market Capitalization: $2.76 trillion
Bitcoin Market Capitalization: $1.17 trillion
Bitcoin Dominance: 42.4%
Market Rank: #1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.