Growth continues - technical analysis from November 8, 2021

Bitcoin's quotes, after some uncertainty in the past, look quite bullish as on the weekly,and on daily time frames. It is possible that in the near future we will see new record highs.

Weekly schedule

Chart executed in TradingView

After showing some indecisiveness over the past few weeks, Bitcoin reversed the "shooting star" candlestick pattern and the "spinning top" that followed the bullish weekly candlestick.Now we can already see the continuation of growth, although there are still 6.5 days left until the close of the current weekly candlestick.As you can see, the price returns to the previous all-time high on its way to the next ones.The weekly chart still looks very bullish.

Daily chart

Chart executed in TradingView

Yesterday the price approached the resistance, broke throughits right on the day's open and continued to rise. It will be interesting to see where the day ends, but today's trading volume is already higher than yesterday's, although only slightly more than half of the trading day has passed.

The Bollinger Bands on the daily timeframe have narrowed to rare levels.midline of the indicator as support meaning that the next price movement is likely to beNow we see that the price is trying to break through the resistance of the upper border of the indicator.This usually leads to the expansion of the bands and price following a higher resistance level.The picture is extremely bullish.

Chart executed in TradingView

To summarize, bitcoin continues to grow,refusing to sink in any meaningful way. It appears that any possible localized declines that come along the way should be viewed solely as a buying opportunity. The key moment now is the renewal of all-time highs - it is always better to be careful at resistances, where the market is, in essence, right now.

 

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