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    Baxia Markets
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    November 10, 2021

    Bitcoin hits a new all-time high.

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    The cryptocurrency reached $68,564 in yesterday's trading sessions; the pair did not stay on that level for a long time before it dropped back to the mid-60s. The price is now gathering strength once again to try to break that new resistance in the mid-term.

    The Bollinger bands are opening up but not enough to hold the price up; it is currently trading above the upper band, suggesting that the price is relatively high, investors could start selling the cryptocurrency to get a profit, which will naturally bring the price back down to a fair level at 62,000's

     

    BTC Nov 8th 2021


    The relative strength index is currently at 63%, recovering from an overbought status. The price will need to fall a bit more before the pair can make a new attempt to reach the 70,000 level. We could see the price drop to the support on the 23.6% Fibonacci retracement at 59,403.

     

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    cryptocurrency, trading conditions, technical analysis, trading indicator

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