BTCUSD Weekly Outlook – November 6 , 2021

Last Updated on November 6, 2021

Bitcoin Price Forecast

Introduction

As the new month begins, Bitcoin brokers have to keep their fingers crossed because it is too early to predict the new month. However, the month is full of activities like the major online and offline sales of Black Friday, which is carried out in different parts of the world and the USA Thanksgiving Day. 

BTCUSD Technical Analysis

Monthly Chart

BTCUSD monthly chart - 5th Nov 2021

Monthly Resistance Levels: 67016, 61781

Monthly Support Levels: 29805, 43292, 52621

The October candle closed at 61359 in a bullish state. It is a healthy signal for the crypto brokers to know that the trend remains bullish until a major turn is confirmed. A new month and a new candle are forming. We cannot find out the final pattern of the candle until it closes in 30 days.

Therefore, we expect this new month to have some volatility to the downside during some trading days and also to the upside during some trading weeks because of the global sales coming up in the month. The Black Friday sales are another avenue for major online shops like Amazon to accept the use of bitcoin as a payment option.

Weekly Chart

BTCUSD weekly chart - 5th Nov 2021

Weekly Resistance Levels: 67016, 70000.

Weekly Support Levels:  39570, 56425, 469000

 

The bitcoin market hasn’t been volatile since it created the new High some weeks back. Crypto brokers have watched how the BTCUSD pair is reacting in the market as the weekly candles have been closing in an indecision pattern. The bulls are resting from the earlier rally and if they can build stronger momentum, we shall see the buyers pushing the value higher.

However, the buying anxiety may slow down because of the previous levels of resistance. If the zone continues to reject the buyers’ positions, we may see the price drop to the 56425 levels. 

Daily Chart

Daily Resistance 63733, 67016, 63060 

Daily Support 51000, 56425, 41427, 59400

The bullish rally that started from the support zone of 41427 could push the bitcoin value to the new high of 67016 before entering consolidation. If the bulls can sustain the run, we shall see the price close above the 67016-resistance level.

At the moment, the BTCUSD pair is in a correction phase of the market. You can see the bitcoin price is ranging from the low of 59400 and the 63060-dollar mark. If the price of bitcoin should close lower than the 59400, we may see a fall towards the 56425 levels and lower.

Bullish Scenario:

A new week and new month have made crypto brokers uncertain of the market because of the previous trading week candles, showing indecisions in the market. We will expect a bullish scenario when the BTCUSD price closes above the 63733-dollar mark.

Bearish Scenario:

Weekly candles show some possible bearish scenarios as the resistance zones have rejected the buyer’s swing for some days. We shall see the seller’s takeout of the support level of 56425 for a bearish scenario.

Bitcoin BTC News Events 

Bitcoin on a race because of ETFs.

The recently launched Proshares ETF and the Valkyrie Bitcoin Strategy ETF served as a boost for the Bitcoin price that led to the number one crypto-asset setting a new all-time high.

The effects took the price of bitcoin from 57000 to 67016, making a new ATH record before it pulled back to 62000 level. The ETFs are known as Exchange-Traded Funds, and they are financial instruments that are used in tacking various assets or the value of a particular asset which are traded on traditional exchanges. Crypto brokers and investors are allowed to have exposure into crypto products without having physical delivery of the crypto-assets themselves.

Crypto ETFs do track the price of more than one cryptocurrency by extension while Bitcoin futures ETFs track the prices of bitcoin futures contracts, agreements to buy and sell bitcoin at a specific time in the future like the type cleared for trading in the NYSE. However, the newly launched Bitcoin strategy ETFs and Proshares ETFs are offering Crypto brokers, and investors are exposure to bitcoin futures which are regulated unlike the cryptocurrency itself, which is not regulated.

Conclusion and Projection

Could the consolidation of the Bulls surge show that the buyers have run out of steam? Or could this be an opportunity for the BTCUSD pair to have a reversal of the trend?

Payment companies are still positive and bullish in the services they are providing for their clients. CEO Jack Dorsey is planning to develop a mining system based on customized silicon. The “Pay me in Bitcoin” is a platform that allows users to convert some of their money or income into Bitcoin with no charges.

James S. Martin
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