Ali Charts Sets $73,000 as Bitcoin Support for a $60,000 Downside Scenario

Ali Charts’ Nov. 7 three-day chart analysis identifies about $73,000 as Bitcoin support that would need to break for the lower boundary of a multiweek channel near $60,000 to come into focus. At 8:19 a.m. ET (13:19 UTC) on Nov. 9, BTC was $74,623, about 24% above the $60,000 boundary; a decline to $60,000 from that level would be about 20%.

The channel has two intervening support areas near $65,000 and $63,000. Resistance is around $80,000 and $82,000; a move above both would weaken the bearish scenario.

Separately, BTC was near its 200-day moving average at about $76,000 and below its 50-day average near $79,000. It was down about 7% over 30 days and 2% over the prior week, while little changed over 24 hours.

The daily relative strength index (RSI), a momentum measure, was 38, above the oversold zone below 30. The moving average convergence-divergence indicator (MACD) was below its signal line, pointing to downward momentum. Those readings do not confirm the $60,000 scenario, which depends on BTC breaking below the channel’s mid-range support.