BTC update for November 07, 2023 – Symmetrical triangle in creation
November 7, 2023 11:22 am
Technical analysis:
BTC/USD has been trading sideways at the price of $34.900 and I see that market is trading inside of the symmetrical triangle pattern and that there is potential for the breakout mode.
In case of the upside breakout of the resistance at $35.500, there is the chance for the rally towards $36.000-$37.000
In case of the downside breakout of the support at $34.500, there is the chance for the downside movement towards $33.000-$32.000
RSI oscillator is showing reading around 50 level, which is sign for the indecision
The material has been provided by InstaForex Company – www.instaforex.com
Technical analysis:
BTC/USD has been trading sideways at the price of $34.900 and I see that market is trading inside of the symmetrical triangle pattern and that there is potential for the breakout mode.
In case of the upside breakout of the resistance at $35.500, there is the chance for the rally towards $36.000-$37.000
In case of the downside breakout of the support at $34.500, there is the chance for the downside movement towards $33.000-$32.000
RSI oscillator is showing reading around 50 level, which is sign for the indecision
The material has been provided by InstaForex Company – www.instaforex.com
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