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BTCUSD Technical Analysis – November-11-2023

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This short article delves into the BTCUSD technical analysis, providing insights into the key trends, potential price movements, and market indicators that traders should be aware of.

BTCUSD Technical Analysis

Bitcoin managed to breakout the bullish channel in the 4H chart. The BTCUSD pair is currently testing R2 ($36,983 support) with the RSI nearing the overbought area. In the 4H chart we spot an inverted hammer which can be a signal for bearish momentum. However, the bitcoin market is bullish and analysts at FxNews suggest waiting for the price to breakout the bearish trendline (shown in red) to go long.

On the other hand, while the price is trading below the weak bearish trendline (shown in red) there is a chance for the BTCUSD price decline to R1 ($36,009 support) if the bears close below R2. The R1 level also provide decent supply for the bulls to trigger news bullish trades.

In conclusion, the bitcoin market is bullish, and it is better to wait for buying opportunities than bidding on sell orders.

BTCUSD Technical Analysis - November-11-2023

BTCUSD Technical Analysis – 4-hour chart

  • 11 November 2023
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