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Weekly Bitcoin Technical Analysis (November 1st, 2021)

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Weekly Bitcoin Technical Analysis (November 1st, 2021)

Bentley
Nov 1, 2021
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Weekly Bitcoin Technical Analysis (November 1st, 2021)

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History for the week (From 25-31th/Oct, 2021)

Opening price: $60,852, closing price: $61,299 => Spread is $447, down about 0.7%).

Highest price: $63,710, lowest price $57,820 => Spread is $5890 (According to data from Binance exchange).

Technical Analysis

BTC/USDT weekly chart

BTC/USDT weekly chart - Tradingview

The weekly chart shows the bulls are still dominant with the price target at 114k. However, Bitcoin price will undergo many corrections in the process of reaching new all-time-high.

There have 2 Doji candles in the past 2 weeks, which shows the indecision between buyers and sellers.To determine the short-term trend of the Bitcoin price, we will turn to the analysis on the daily chart.

BTC/USDT daily chart

BTC/USDT 1D chart - Tradingview

Based on the price action on the daily chart, we can predict 2 scenarios for Bitcoin price:

  1. The price could drop to an important support at $57k~$58k zone in the next 2-3 days,the bulls will then push the price to break the ATH ($65k~$66k) zone on the weekends.

  2. From the current price, Bitcoin could rise to the ATH zone and then there will be a sharp price correction at the end of the week. We expect the price to stay at the support level (at $57k~$58k) after the correction.

Goodluck.

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Weekly Bitcoin Technical Analysis (November 1st, 2021)

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