Bitcoin (BTC) – paused positive impetusPosted on Sunday, November 7 2021 at 9:57 pm GMT+0000
Bitcoin (BTC) – long-term analysis
Bitcoin (BTC) had been hovering some distance below the 67,000 all-time high reached on October 20th for the second consecutive week, maintaining an upbeat bearing in the long-term window.
It is building a solid uptrend as it runs comfortably above the persistently bullish Ichimoku cloud even though, in the meantime, it has paused its positive impetus. Something that is being reflected by momentum oscillators.
The RSI flattened just below the 70 overbought threshold and the entangled stochastic lines are fluctuating just beyond of the 80 level as well. And despite the fact that the Tenkan-sen line remains well above the Kijun-sen line, both are following a horizontal trajectory backing the stalling price action.
Mustering more intense buying interest would be needed to conquer the 67,000 obstacle. With the price entering uncharted water, it would initially meet the 70,000 round number and the 74,000 level, before heading towards the Fibonacci projection level of the 64,900-28,800 down leg around 87,400.
In the case of a downside reversal, the blue Tenkan-sen line could immediately take action with the help of the neighboring September 6th high of 52,950. Failure to pivot around these levels could see the price swiftly diving towards the tough zone of support from the June highs of 41,300 until the September lows of 39,600. A more aggressive decline could pierce the Ichimoku cloud’s lower surface and reach the 28,800 bottom, where any violation could extinguish the current structure.