Bitcoin (BTC) Price Analysis – Targets for Immediate Short Term

6:51 am, Wed, 3 November 21

Current Bitcoin Data

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What is Bitcoin (BTC) Doing Right Now?

Bitcoin is currently trading around the $63,000 mark and is still looking bullish in the immediate short term. We did witness a price spike for BTC yesterday and right now it is cooling off a little before making another move towards the upside. As long as Bitcoin is trading above the crucial support at $61,600, we are extremely bullish on Bitcoin in the immediate short term.

Bitcoin (BTC) Price Analysis 2021 November 03

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Analyzing the Charts

If we take a look at the shorter timeframes we can observe that Bitcoin is looking bullish in the immediate short term. On the 30-minutes timeframe, we can see that the price is moving within a falling channel which is a bullish structure.

Bitcoin Price Analysis 2021 November 03

A falling channel is a bullish continuation in which the price moves in a temporary downtrend only to break towards the upside. Once we break out of this channel we can expect to retest our current resistance around the $64,200 mark.

BTC Price Analysis 2021 November 03

On the other hand, we can also see that Bitcoin is currently putting a new higher high on the 4-hour timeframe. That also means that Bitcoin is currently in an uptrend and we can expect a further increase in price in near future.

Bitcoin (BTC) Price Analysis 2021 November 03

Also, once we break above the resistance at $64,200 we are likely to retest the current all-time high for Bitcoin.

Conclusion: Where is Bitcoin (BTC) Headed Next?

Bitcoin is still in a strong bullish trend and is gearing towards the $70,000 mark in the coming weeks. It is also looking quite good on the shorter timeframes, and we can expect the price to move up in the coming hours as well. If BTC gets above $64,200 convincingly, we would also be interested in putting in a long trade for it.

Bitcoin Price Analysis 2021 November 03

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