Crypto Update: Bitcoin set to hit new records?

November 8, 2021
by Joseph Jeffriess, Market Analyst

Hi traders,

Once again, Bitcoin starts the week strong. The world’s largest digital coin climbed significantly, inching back towards its all-time high of nearly $67,000, set in late October.

Looking at the daily chart we can see that price has remained in an uptrend and formed a continuation pattern in its consolidation pattern. The pattern formed was an ascending triangle pattern. These patterns in existing uptrends are normally viewed as continuation patterns.

Today has been a fantastic session so far on Bitcoin, price hitting 5.80% to the day’s high. Buyers have so far set the tone, forming a breakout. For now, price looks to be confirming the ascending triangle pattern and has started to creep back towards recorded highs. If we look at measured move rules and measure the distance at the width of the price pattern we can see a rough distance of 9%. Projecting higher from the breakout point, starts to suggest a possible target around the 70K area.

*Please note measured moves are guides and not exact targets.*

Bitcoin D1 Chart

All times are AEDT.