Bitcoin (BTC) is still trying to break out of the $ 63,530 resistance area. This would likely lead to a new all-time highest price.

BTC fell dramatically in the early hours of November 3, falling to a low of $ 60,382. However, it bounced shortly after and created a long lower wick (black arrow). This is considered a sign of buying pressure, as the lower prices cannot be sustained. It is a bullish event.

Technical indicators still provide mixed readings.

MACD, created by the short and long-term moving averages (MA), created 14 successive bars of the lower histogram (black circle). This indicates that the short-term MA is gradually slowing down.

However, the RSI, which is an indicator of momentum, has apparently rebounded above 50 after a continued decline. This is a sign that momentum is still bullish.

refore, while the price action on the daily time frame is bullish, the technical indicators are mixed.

Future movement

six-hour chart shows that BTC broke out of a parallel descending channel and validated it as support later. This indicated that the ongoing correction phase from the all-time high had been completed.

Since then, BTC has followed an ascending (dashed) support line. Yesterday’s bounce coincided with both the support line (green icon) and the support level of the 0.618 Fibonacci retracement at $ 61,270 (black).

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main resistance area is at $ 63,530. This is both a horizontal resistance area and the 0.618 Fibonacci Retracement Resistance Level (white).

A break above this level would likely cause the price to rise rapidly.

BTC wave count

wave count suggests that BTC is in sub-wave five (black) of wave one (orange). This means that BTC is likely to rise again before the short-term correction.

A goal for a local top is close to $ 73,000. This target is found using the 1.61 Fibonacci outer retracement in subwave four (black) and wave 1-3 projection (white).

other possibility would suggest that BTC is in a 1-2 / 1-2 wave formation. In this case, it is currently in the third wave, which would mean that the increase could accelerate quickly. In this possibility, BTC could hit a new all-time high before another corrective phase.

Both possibilities indicate that BTC is likely to hit a new all-time high and remain in a long-term uptrend.

For BeInCrypto’s previous Bitcoin (BTC) analysis, click here.

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