Bitcoin Price Prediction – November 8
The Bitcoin price is currently trading towards the upper boundary of the channel after the first digital asset begins trading at $63,309 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $70,000, $72,000, $74,000
Support Levels: $60,000, $58,000, $56,000
BTC/USD is currently holding above the $66,000 level as the coin prepares for another higher surge. However, the Bitcoin price is now bouncing back to maintain the bullish movement towards the upper boundary of the channel as the coin makes final decision to keep the upside.
Bitcoin Price Prediction: Would Bitcoin Price Touch $70k?
The Bitcoin price is currently trading at $66,184 with a 4.54% gain on the day as the coin is likely to break above the upper boundary of the channel if the technical indicator Relative Strength Index (14) crosses into the overbought region. However, it is important for traders to note that the bulls are now coming back into the market, as they would begin to focus on higher levels around $68,000. On the contrary, any drop below the 9-day and 21-day moving averages could pave the way to the south.
Meanwhile, the breakdown towards the support level of $63,000 is not out of sight yet as the losses of the past few days show that BTC/USD may not be technically ready for the break above $66,000. But as it is now, any bullish movement above the upper boundary of the channel may lead the king coin to the resistance levels of $70,000, $72,000, and $74,000, while the supports could be located at $60,000, $58,000, and $56,000.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price still remains above the 9-day and 21-day moving averages but the coin is yet to cross above the upper boundary of the channel. In the meantime, if the Bitcoin price moves further and crosses above the channel, it could reach the nearest resistance level of $68,000 and above.
On the other hand, if the bears step back into the market and bring the coin below the 9-day and 21-day moving averages; it could hit the closest support at $64,000 and below. At the moment, the technical indicator Relative Strength Index (14) is seen moving within the overbought region, suggesting a bullish trend for the market.
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