Bitcoin Technical Analysis: Price Eyeing $6,800 Levels

November 07, 2018 | AtoZ Markets

Bitcoin Price is trading in a bullish note since the past few days with price trending towards $6,600 mark. At the time of press, Bitcoin price is trading near $6,550 mark with 24 hours volume of $313M, in accordance with data. The coin has a market cap of $113 Billion.  

The U.S Securities and Exchange Commission reviews 9 Bitcoin ETFs on November 5, after having rejected them before.

In the last 1 Week the price has moved by $ 244.66 (3.88%) with a total volume of over $ 1.49 B. The highest price, $ 6,562.79, was on 07 November 2018 at 04:00 GMT. The lowest price, $ 6,241.49, was on 31 October 2018 at 17:00 GMT.

Bitcoin Price Technical Analysis

Yesterday, there was a minor downside correction in Bitcoin price from the $6,480 high against the USD. The BTCUSD pair corrected lower and tested the $6,375 support, which acted as a major buy zone. As a result, there was a fresh upward move and the pair traded above the $6,440 and $6,475 resistance levels. Moreover, the price even broke the $6,500 resistance and settled above the 100 hourly SMA.

More importantly, there was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of Bitcoin. The price spiked above the $6,500 level and traded as high as $6,553. Later, there was a downside correction below the $6,540 level. 

After some time, sellers pushed the price below the 23.6% Fibonacci retracement level of the recent wave from the $6,403 low to $6,553 highs. However, there are many buy zones on the downside near the $6,475 level. The 50% Fibonacci retracement level of the recent wave from the $6,403 low to $6,553 high is also at $6,478.

Looking at the 1D charts, most of the technical indicators are still bullish for Bitcoin price. However, STOCHRSI(14) and William%R indicators are displaying overbought signals for the coin. In this case, a minor correction can be seen today. 

On the 1W charts, the sentiment for the coin is still bullish. The 100 SMA line is above the 200 SMA which indicates that the path of least resistance is towards the upward direction. Thus, the above mentioned parameters clearly suggest that buyers are willing to trade at this price point. 

On the upside, if Bitcoin price able to surpass the strong resistance near $6,650 levels then it might open doors for the price to trade above $6,750- $6,800 levels.

Bitcoin Pivot Point

Bitcoin price is holding a strong daily support at $6,250 and resistance near $6,515 levels.

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