Technical Analysis

BTC/USD Analysis – November 11, 2021

By LonghornFX Technical Analysis
Nov 11, 20213 min

Bitcoin Price Prediction

BTC/USD ended the day at $64,954.0, having reached a high of $68,925.0 and a low of $63,123.0.However, BTC/USD touched its new all-time high on Wednesday, but it could not remain there for long as profit-taking prompted and dragged its prices to the downside. Although the prices declined on Wednesday, the leading cryptocurrency managed to close its day above the $64,000 level amid the recent positive momentum across the cryptocurrency market.

The renewed upward pressure on BTC/USD was triggered by increased concerns about rising inflation, following data from the United States Labour Department showing that consumer prices in the United States increased at the fastest rate since 1990. The cryptocurrency has been enhancing its reputation as an inflation hedge and store of value, or digital gold, given its limited supply and its outsized returns over a long period.

On Wednesday, Bitcoin reached its new all-time high level but slipped from record highs as investors continued to move their BTC from exchanges to private storage, which pointed towards an ongoing investor's appetite to hold the popular crypto for the long term.

Bitcoin's price has failed to break through the $66,000 resistance level. As a result, BTC fell underneath the $65,500 support level, resulting in a bearish reaction.

The price fell sharply below the $65,000 support level and the 100 hourly SMA (simple moving average). Furthermore, on the hourly chart of the BTC/USD pair, there was a breach below a strong bullish trend line with the support of around $66,500.

The pair gained momentum underneath the $65,000 support level, and the price fell towards $63,000. The price has hit a low near $62,700 and is now consolidating losses. There was a rebound wave above the recent slide's 23.6 percent Fib retracement level from the swing high of $68,991 to the low of $62,700.

BTC/USD Intraday Technical Levels

Support Resistance

62409.6 68211.6

59865.3 71469.3

56607.6 74013.6

Pivot Point: 65667.3

BTC/USD - Technical Outlook

On the upswing, an immediate resistance level is near $64,800. The first big resistance is located near $65,000 and the 100 hourly SMA. The biggest resistance is currently building near $65,800.

It is near the 50% Fib retracement mark of the latest slide from the swing high of $68,991 to the low of $62,700. A decisive break above the $65,800 resistance level may signal the start of a new uptrend. The next significant resistance is located near the $67,500 level. If bitcoin fails to break over the $65,000 resistance level, it may extend its downward trend. On the downside, immediate support is approaching $63,500. The first significant support is already emerging near $63,000. The next significant support is near $62,500, below which the price may fight to stay just above $62,000 support zone. All the best!


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