PlanB, the popular coin market analyst, is one of the few watchers of the market that has a lot of followers. Just in the past month, he garnered more than 300,000 followers on Twitter because of the rare insight that he brings to bear in his market analysis.
In a recent tweet, PlanB posited that sentiments are still positive with regards to BTC which is presently trading above $61,000. This is despite the fact that the asset traded above $64,000 on November 2.
Relative Strength Index 72 .. #bitcoin looking strong pic.twitter.com/YdWnQ3FSzQ
— PlanB (@100trillionUSD) November 3, 2021
Data from Coinmarketcap.com shows that the coin is trading at $61,813 with volume over the past 24 hours at $35.6 billion. Although it is actually down by 2.3% in the past 24 hours, the intra-day high of $63,302.
Using technical analysis, what we can see is that BTC is still in the overbought region with the Relative Strength Index of 46, over the 4 hour chart. This means that trend reversal is not expected, especially when we factor in the fact that the 20-day Moving Average (MA) chart shows that the coin would trade horizontally over the short-term.
Nevertheless, what we can see from the MACD indicator is that the momentum of the trend may be weakening. Nevertheless, we have to look at the supporting volume over time to be certain which direction the coin is headed. And the verdict based on this is that we would have a BTC price range above $60,000 in the coming days.
According to MMBTrader, an analyst on Tradingview, we should expect a breakout around the $62,399 price region. This would cause BTC to target the next resistance of $67, 177. Presently, the main support is at $58,000.