Bitcoin: Break Above $60,000 A Buy Signal
Jason Sen | Nov 09, 2021 04:09AM ET
Bitcoin rockets from best support at 60500/60000 & through the all-time high at 66500/67000 as predicted, initially targeting 69500/70000.
Ripple through 6-month trend line resistance at 12300/12400 for a buy signal.
Ethereum longs at best support at 4380/4340 work on the run to the next target of 4800.
h2 Today's Analysis/h2We went long Bitcoin from anywhere above 60000. This trade worked perfectly as we beat 66500/67000 as expected, initially targeting 69500/70000. Some profit-taking is likely now.
However, a break above 70000 is a good buy signal and can take BTC towards us as far as 70000/78000. The downside is expected to be limited, with first support at 67000/66500. Longs need stops below 66000.
Ripple break above 12400 is an essential medium-term buy signal initially targeting 12800/850 and 13050.
Support lies at 12300/12200 and 11800/11700. Longs need stops below 11600.
Ethereum's best support is at 4380/4340. The crypto bounced back above 4475/55 to 4600/50 & 4800 and hopefully could rally as far as 4950/5000 this week.
The downside is expected to be limited, with minor support at 4650/40. The best support is at 4520/4480. Longs need stops below 4430.
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