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On November 3, the price for Bitcoin confirmed a channel up patter by bouncing off its lower trend line. The pattern can be drawn by connecting the October 28, 29 and November 2 high levels and setting a parallel line at the October 28 low level.
In the case that the BTC/USD rate continues to surge in the pattern, it would eventually reach the crypto's all-time-high level zone at 66,640.00/66,920.00. Note that a surge could be strengthened by the support of the 50-4-hour period simple moving average, which on November 4 was located near 61,310.00
However, a potential decline of the pair might look for support in the October low level at 58,000.00 and the 200-period simple moving average near 58,500.00.
Thu, 04 Nov 2021 11:03:04 GMT
Source: Dukascopy Bank SA
On November 3, the price for Bitcoin confirmed a channel up patter by bouncing off its lower trend line. The pattern can be drawn by connecting the October 28, 29 and November 2 high levels and setting a parallel line at the October 28 low level.
In the case that the BTC/USD rate continues to surge in the pattern, it would eventually reach the crypto's all-time-high level zone at 66,640.00/66,920.00. Note that a surge could be strengthened by the support of the 50-4-hour period simple moving average, which on November 4 was located near 61,310.00
However, a potential decline of the pair might look for support in the October low level at 58,000.00 and the 200-period simple moving average near 58,500.00.