Sunday price action, for Bitcoin, suggests that the benchmark crypto may be getting ready to establish a new All-Time High, or at least attempt a retake of the $69k price level.
Bitcoin markets, on Sunday the 14th of November, are looking rather healthy. Fresh off a pullback to the $62,278 support level 2-3 days ago, the benchmark crypto asset – at the time of writing – is worth $64,288 (according to Huobi price data,) and appears set for a fresh challenge of the $70k price level.
Having only made it to the $69,000 price level four days ago – following a breakout from a short-lived consolidative pattern (Likely on the back of strongly bullish market sentiment) – $BTC saw a drop to the $62,750 price level, a day before yesterday’s price action saw a bearish shake-out establishing a solid base from which to leap. After dropping to $62,620 the market closed, having formed a bullish engulfing pattern (albeit a timid one.)
Today’s trading session saw Bitcoin finding a low of $63,8k – up from the previous day’s lows – and a current high of $65,3k. We may still see, a touch more, consolidative activity over the next few days before the market is certain of its next direction, as indicators – as well as volume – although showing signs of health, have not begun to flash green yet.
The Ichimoku Cloud’s Conversion and Base Lines have begun to run flat, and parallel to one another while Leading Span A and B suggest that $BTC price action may see more time finding a more solid base around the $65k – $68k price level, or creep upward in the channel. The Ichimoku’s Lagging Span (Chikou) offers a slightly more positive picture, as it has been establishing higher lows with each drop.
The MACD indicator has not yet shown a bullish crossover, though market momentum is still quite healthy (not indicative of an impending downward trend.) The Stochastic RSI – on the other hand – though not well Into oversold territory, and merely skirting the “0” line, seems to be confirming bullish price movement, though it could still go either way.
Together resistance for the Bitcoin market to break through is the $66,9k resistance level, before a push to/past the $69k. The coming week’s price action will probably see Bitcoin make another challenge for the $70k price level. We may even see the progenitor cryptocurrency breakthrough to a new ATH above $70k in the next week (or two.)
