BTCUSD Weekly Outlook – November 12 , 2021

Last Updated on November 14, 2021

Bitcoin Price Forecast

Introduction

It is interesting news for PocketOption investors to learn that the new governor of New York did request for his 3 monthly salaries to be paid in bitcoin. Such a request will influence other investors to invest in the digital asset because of the present value it brings to the table. The asset class has the potential of increasing its values greatly shortly.

 BTCUSD Technical Analysis

Monthly Chart

BTCUSD Monthly chart - 12 Nov 2021

Monthly Resistance Levels: 67016, 61781,67560,80000

Monthly Support Levels:  43292, 52621, 60000

Last month candlestick did about 55.45% bullish run before it closed. In November, we can see that the bulls have made another significant stride under a week into the month.  

The price of bitcoin has risen and at the writing of this report, it was sitting at the 67560 dollar mark. This is the reason why a governor will desire to have his salary in bitcoin because of the value and the possibility of rising further. 

Newer highs will be created before we can see a major pullback to establish a support level in the month.

Weekly Chart

BTCUSD Weekly chart - 12 Nov 2021

Weekly Resistance Levels: 67522, 80000.

Weekly Support Levels:  61430, 56425, 40000

The BTCUSD pair is reacting in this new week after the bulls candlestick closed engulfing the previous week Doji candlestick. Crypto brokers on the long are dominating the market as they push the price upwards for a new high.

The bullish swing is maintained when the price did not retrace lower than the 56425 zones before the price moved above the previous ATH. This will increase the buying momentum in the market.

Daily Chart

Daily Resistance 67016, 67527,  

Daily Support 61000, 52510, 41427

The daily chart shows that bitcoin price has been consolidating for days before the bullish engulfing candle closed yesterday (November 8, 2021) favoring the Bulls. The surge took the price of bitcoin to 67527 by creating another ATH. From this scenario, the BTCUSD pair may be breaking new highs before a major correction is established.

Bullish Scenario:

Crypto brokers are now certain of the direction of the market as the week started with a bullish dominance. A bullish scenario will be expected to continue on the BTCUSD pair having seen another new high at the 67527-dollar mark.

 Bearish Scenario:

The price of bitcoin is likely going to close above the resistance of weekly candles. Therefore, it will be difficult to see a bearish scenario for the week except certain circumstances changes the events happening in the market.

 

Bitcoin BTC News Events 

BTCUSD pair is ready for another bullish take-off, it has cleared off the resistances and it is setting new records every time it moves higher. However, some market analysts from Cointelegraph Markets pro and the Trading view expressed impressive performance of the digital assets. 

Within two days the pair has moved up about 11.5% in two days! Some groups of crypto traders and other analysts like Filbfilb are building on the existing bullish conviction that bitcoin is following what is called the “Great Wall of Finex”.

The larger institutional demands can be noticed as indications show that despite the current high, they are placing more open positions abating ahead of a spot in the price exchange-traded fund (ETF) launched.

Since the era of the COVID-19 pandemic, bitcoin has been recovering well and doing great as both short-term and medium-term traders see strong macro factors suggesting that BTCUSD is on the right track. Investors’ confidence is strength via “HODLing”. 

According to the Chief Technical Officer, Rafael Schultze-Kraft, various data from HODLing shows that more investors are confident in Bitcoin as the Supply of BTC has not moved over a year and standing at 61% because it has shown that the appetite to sell is bitcoin at this level is low.

The overall performance of Bitcoin has had a positive influence on other cryptocurrencies, also blockchain technology will continue to drive the DeFi industry into a big and massive system in the next four years.

Conclusion and Projection

Interest to have salaries in bitcoin is on the increase as the governor of New York is among the recent individuals who request it. 

Some sports players have received some of their salaries in bitcoin while some countries have legalized their currency in bitcoin because of the value.

The bullish run is not over yet as the daily candlestick shows an engulfing momentum in the market.

James S. Martin
Latest posts by James S. Martin (see all)

Leave a Reply

Top International Brokers *
Pocket Option

50% Bonus ( Bonus code: 50START)

RaceOption

Up to 200% Bonus + Giveaway Prizes

BinaryCent

Up to 100% Bonus + Giveaway Prizes

Finrally

Up to 100% Bonus

Automated Binary

This AutoTrading Robot is closed! Check our list of Auto Trading Robots .

en_USEnglish