What Happened: In a recent “Monday Markets” podcast, CryptoCred analyzed Bitcoin’s technical outlook after its strong weekly close. He presented three potential scenarios: aggressive continuation higher, a pullback before further gains, or a bearish reversal
He identified key support levels to watch if Bitcoin pulls back:
- $65,600 (a “tentative” level)
- $64,200 (a stronger support level)
For potential bullish continuation, CryptoCred highlighted:
- The weekly open around $69,000
- A 4-hour support level at $68,100
Also Read: Bitcoin Equities, ETF Inflows Surge As Price Moves Above $67,000
He advised traders to remain flexible, stating, “It’s about giving the market a chance. Are you going to be bullish aggressively, are you going to be bullish having put in a higher low, or you not going to be bullish at all?”
CryptoCred cautioned that a drop below $64,000 could jeopardize the bullish structure, saying, “I think a lot of market structure based arguments start to become really treacherous sub 64k.”
For Ethereum (CRYPTO: ETH), CryptoCred suggested watching the $2,700-$2,800 range high and potential support around $2,600, noting that it would likely trade in tandem with Bitcoin.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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