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Bitcoin Technical Analysis 16 November, 2021

Bitcoin

• Bitcoin reversed from support zone
• Likely to rise to resistance 66400.00

Bitcoin cryptocurrency recently reversed up from the support zone lying between the round support level 60000.00 (which has been reversing the price from the middle of October, as can be seen from the daily Bitcoin chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from October. The upward reversal from this support zone stopped the previous upward impulse from October .

Given the rising daily uptrend, Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 66400.00 (which has been reversing the price from last month).

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