Bitcoin (BTC) Price Analysis – Another Look at the Daily Charts

2:19 pm, Mon, 8 November 21

Current Bitcoin Data

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Volume (24h)
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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading just below the $66,000 mark and is looking extremely bullish at the moment. BTC was quite stagnant in the past week as we saw plenty of consolidation during the weekdays. In our previous daily charts analysis, we talked about the bullish structure and possibilities for Bitcoin. BTC did manage to break out of that structure and is currently looking very healthy. Let’s take a look at what is next for Bitcoin in the coming days.

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Analyzing the 1-Day Charts

If we take a look at the one-day charts we can see that BTC managed to break out of the symmetrical triangle we pointed out in one of our previous analyses. The price broke out nicely and is now facing some resistance at the $66,600 mark.

We can also see that our breakout target for this structure is around the $73,000 mark but we first need to break above the previous all-time high for BTC.

Once we manage to break above the previous all-time high we can expect a huge price pump for Bitcoin. Breaking above this level will send BTC in price discovery mode and buying pressure will skyrocket.

Conclusion: What is Next for Bitcoin (BTC)

Bitcoin is looking extremely bullish nowadays and we are expecting it to touch the $70,000 mark very soon. Right now, we will be waiting for Bitcoin to break above its previous all-time high and will buy more after the confirmation. We will also be interested in trading the retest of the $64,000 mark if we see a bounce back. BTC is also looking quite strong in the long term and we can see a significant increase in price in the coming months.

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