Bitcoin (BTC) Price Analysis for November 2

Bull keep controlling the situation on the market, according to CoinMarketCap.

BTC/USD

The rate of Bitcoin (BTC) has increased by 1.51% since yesterday.

On the hourly chart, the price of BTC is looking bearish, as the rate is approaching the support of $34,718. If bulls cannot seize the initiative, there is a high chance of seeing a breakout, followed by a move to the $34,400 zone.

On the bigger time frame, the rate of BTC has made a false breakout of the recently formed resistance of $35,612.

If the bar closes with no long wicks, the correction may continue to the $34,000 area soon.

A similar picture can be seen on the weekly time frame. If the weekly candle closes far from $35,198, one can expect a further decline to the $33,000-$34,000 area. Such a scenario is relevant until mid-November.

Bitcoin is trading at $34,708 at press time.

Source