Bitcoin has been strengthening since November 6, forming a bullish engulfing candle on November 8 and eventually updating its all-time high. On November 9, the BTC rate moved its all-time high by $ 68,524.
Technical indicators support the further development of this growth.
MACD is growing, while its histogram is back in the green zone.
The RSI, which is a momentum indicator, is also rallying and holding above 50, threatening to break through the 70 mark. While this would put the indicator into overbought, it would still be a sign of a strong bullish trend. The sharpest northward price moves tend to occur when the RSI breaks above 70.
Bitcoin breakout development
On the 6-hour timeframe, the BTC rate, as part of the growth that has continued since November 6, made a bullish breakout from the symmetrical triangle. This confirmed the completion of the previous correction and the launch of a new upward trend in Bitcoin.
At the same time, BTC broke through the resistance at $ 63,500 (horizontal area and Fibo level 0.618 of the correction).
As in the daily chart, the RSI and MACD indicators are rising, supporting the continuation of the bullish trend.
A source: TradingView
On the 2-hour timeframe, you can see the first signs of weakness in the form of bearish divergence on the RSI. However, MACD continues to grow vigorously.
In the event that a short-term drawdown begins, the $ 66,300 area should act as support and help the market trigger a rebound.
BTC Wave Analysis
The wave analysis results suggest that BTC is in wave one (orange) bullish impulse structure starting from the 21 September levels. This is the fifth and final wave of a bullish move and a correction should be expected after it completes.
The previously highlighted symmetrical triangle was probably part of wave 4.
The most likely target and top of the current move is the $ 70 400- $ 71 840 area.
This goal has been defined by us using tools such as:
- Fibo level 1.61 external correction of wave 4 (black)
- 1.61 wavelength 1 (white)
- 0.382 wavelengths 1-3 (orange)
After the market reaches this area, it can start a correction.
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