FX.co - BTC analysis for November 05,.2021 - Higher lows with uipside breakout in the background

2021-11-05T13:23:09

Relevance until2021-11-06

Technical analysis:

BTC analysis for November 05,.2021 - Higher lows with uipside breakout in the background

BTC has been trading downside in last few hours but with building higher lows in the background.

Trading recommendation:

Due to higher lows in the background and the contraction on longer frames, I see potential for the rally in next period.

Watch for buying opportunities with the next upside targets at $62,500 and $63,250

Stochastic is showing potential bull cross around 50 level, which is another sign for potential rally.

Support level is set at $60,725

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

Analytical expert

Petar Jacimovic

FX.co ★ BTC analysis for November 05,.2021 - Higher lows with uipside breakout in the background