November 4 Chart of the Day - Bitcoin
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
Bitcoin futures (/BTC) have seen sharp selling pressure the past several weeks, raising the question of whether this move is simply profit-taking after a long rally or the beginning of a deeper pullback.
With volatility back in full force, traders are watching closely to see if buyers will step in at potential support zones or if momentum will carry price further lower.
We'll review the chart from a price action perspective to identify potential levels of interest in both directions.
The charts highlight key levels where investors and traders alike will be watching closely.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next price moves for this chart.
Since May 2023, we've showcased over 650+ Charts of the Day and provide a Free Quick Start Guide to traders with ambitious income goals for our patent-pending NeuroTrading Method™.
Weekly Chart
The weekly chart shows a decisive reversal candle following a close test of the upper channel resistance near $127,000.
The recent decline has brought price back toward the $100,000 area — a psychologically significant round-number level that also aligns with prior structural support.
A break and close below $99,000 could open the door for a deeper retracement toward the $94,000 region, while a hold above current levels might suggest that bulls are defending key trend support.
The next few sessions could determine whether this pullback remains a buying opportunity or marks the early stages of a more substantial correction.
With plenty of volatility traders have had much to be happy with but long term buy and hold investors may have cause for concern.
This kind of movement highlights why a cautious and well-informed approach is essential when evaluating a chart's short to mid term outlook.
Daily Chart
The daily chart reveals a broad megaphone pattern, highlighting the growing volatility and widening swings that have characterized recent trading action.
Price has moved from the upper boundary near $127,000 down toward the lower trendline support just below $100,000. This expanding formation often signals market indecision — where buyers and sellers battle for control before a decisive breakout or breakdown.
A bounce from this lower trendline could confirm that the move is corrective profit-taking, while a sustained close below it could invite acceleration toward deeper Fibonacci targets near $93,000 or possibly even below.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We’ve combined Fibonacci levels with key support/resistance zones and trend analysis to pinpoint potential price levels of interest and future targets.
With precision-focused charts like these, both traders and investors can confidently build and execute their strategies.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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