TradeDog-Research

Weekly BTC-USD(8th November)

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
BTC continued its bullish momentum for the third straight week. After consolidating in the range of $60K to $64K in the previous weeks, it has given a fresh breakout and at the time of writing, it is trading around its ATH of $66K. BTC formed a bullish hammer kind of weekly candlestick pattern which depicts that bulls are going to dominate the charts in the coming weeks. The combined crypto market cap reached a new milestone by surpassing the $3 Trillion mark.

On the daily TF, after a brief consolidation for more than 14 days, BTC has given a fresh breakout and is currently trading very close to its ATH . On the higher side, the immediate hurdle is present at $67K. If we get a decisive breakout from this level, the next potential target would be 69.5K followed by 71.5K.

On the lower side, BTC continues to sustain above the level of $60K as none of the last 5 weekly candles hasn’t closed below this level which depicts that strong buying strength is present in this range. The nearest support is placed at $62.5K followed by the crucial level of $60K.

Weekly RSI is showing slight divergence with the price and is around its overbought zone of 70 which depicts that small corrections and cooldown periods can be expected on the way up. Majorly, the overall trend is positive and the small corrections can be a good opportunity to take new long positions.