FX.co ★ Trading plan for Bitcoin for November 01, 2021

Technical outlook:

Bitcoin had dropped through sub $56400 levels on Thursday before finding support. The crypto has tested fibonacci 0.382 retracement of the entire rally between $40000 and $67000 level respectively. Since then, prices have rallied through $63000 levels and has potential to push up to $64000-65000 zone before facing resistance.

Bitcoin might reverse lower from $64000-65000 zone and continue lower toward $49500-50000 mark before resuming higher again. Please note that fibonacci 0.618 retracement of the above rally is passing through $49000-50000 zone. Also its channel support trend line is seen passing through $50000 levels. High probability remains for a bullish turn around the above convergence.

On the flip side, if bulls manage to push prices above $67000 mark, potential remains for a test of $75000 and higher. A push above $65000 will confirm a bottom is in place at $56400 and bulls are back in control. Traders might be preparing to initiate long positions around $50000 zone, going forward.

Trading plan:

Potential drop through $50000, against $67000.

Good luck!