Baxia Markets
November 05, 2021

Bitcoin starts to consolidate at around $62,000

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The cryptocurrency is maintaining the upwards trend but is seeing a slowdown. The price has not moved much in the last seven sessions after the big rally where Bitcoin gained more than 64% of its value in 21 days. BTCUSD maintains the upwards trend and has not seen a significant retracement, placing it in a very good spot for the short and mid-term.

The Bollinger bands are narrowing down, which is a sign of price consolidation, current price traded in between the bands, suggesting that it is at a fair price level. We could see a slow down in the next few sessions before the asset moves up or down aggressively. Once this consolidation period is over, we will see a breakout and a new all-time high, or a breakdown of the support at $58,115.


BTC Nov 1st 2021

The relative strength index is currently at 56%, which will allow the pair to continue its uptrend until it reaches 70%; the price could still test the support before reaching out for the resistance at $67,016.


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