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Bitcoin Dips From Highs, What Could Trigger Fresh Increase

Aayush Jindal by Aayush Jindal
November 10, 2021
Reading Time: 2 mins read
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Bitcoin Dips From Highs, What Could Trigger Fresh Increase


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Bitcoin cost began a disadvantage correction from the $68,500 zone versus the United States Dollar. BTC may begin a fresh boost unless there is a break listed below $64,000.

  • Bitcoin began a disadvantage correction listed below the $68,000 and $67,000 levels.
  • The cost is still trading above $65,000 and the 100 per hour basic moving average.
  • There is a crucial bullish pattern line forming with assistance near $66,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
  • The set might begin a fresh boost if the $64,000 assistance stays undamaged.

Bitcoin Price Corrects Lower

Bitcoin cost acquired speed above the $65,000 assistance zone. BTC extended its rally above the $66,500 and $67,000 resistance levels. The cost even rose above the $68,000 level.

It traded to a brand-new all-time high near $68,495 prior to there was a disadvantage correction. The cost decreased listed below the $68,000 and $67,800 assistance levels. There was a break listed below the 50% Fib retracement level of the upward relocation from the $65,200 swing low to $68,495 high.

However, bitcoin still trading above $65,000 and the 100 per hour basic moving average. There is likewise a crucial bullish pattern line forming with assistance near $66,000 on the per hour chart of the BTC/USD set.

Bitcoin Price

On the advantage, an instant resistance is near the $67,500 level. The initially significant resistance is near the $68,000 level. A clear break above $68,000 resistance might potentially call open the doors for a fresh boost. The next significant resistance sits near the $68,500 level. Any more gains may lead the cost towards the $70,000 level.

Dips Supported in BTC?

If bitcoin stops working to clear the $68,000 resistance zone, it might extend its drawback correction. An instant assistance on the drawback is near the $66,500 level. The initially significant assistance is now forming near the $66,400 level.

It is close to the 61.8% Fib retracement level of the upward relocation from the $65,200 swing low to $68,495 high. The next significant assistance is near the $65,000 level, listed below which the cost might dive towards the essential breakdown assistance at USD 64,000 in the near term.

Technical indications:

Hourly MACD – The MACD is now losing speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply listed below the 50 level.

Major Support Levels – $66,400, followed by $66,000.

Major Resistance Levels – $67,500, $68,000 and $68,500.



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Aayush Jindal

Aayush Jindal

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