Bitcoin Price Prediction: BTC/USD Fails to Push Above $59,000
Bitcoin Price Prediction – November 21
At the moment, the Bitcoin price prediction shows BTC dropping over 1.4% after touching the daily high of $59,820.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $66,000, $68,000, $70,000
Support Levels: $53,000, $51,000, $49,000
The daily chart reveals that BTC/USD fails to break above the previous resistance level of $51,000. However, the Bitcoin (BTC) begins the day off by trending lower toward the $58,500 level inside the channel. However, the first support level could be located around the $55,000. Beneath this, support lies at $53,000, $51,000, and $49,000 levels.
Bitcoin Price Prediction: Bitcoin (BTC) May Stay at the Downside
Today’s trading marks another day that Bitcoin price fails to stay above the resistance level of $59,000 as it looks to set up another few days of negative price declines beneath $58,000. Meanwhile, a break above the opening price of $59,760 would have set the first digital asset up to reach the nearest resistance at the $60,000 level. In other words, traders can clearly see Bitcoin fails to break up as the technical indicator Relative Strength (14) stays below 45-level.
Today, the Bitcoin price couldn’t go higher as it is seen dropping below the 9-day and 21-day moving averages. Although the candle is still yet to close and it does look unlikely that the bulls may end up closing above it. However, should the technical indicator moves below 40-level, the market price may end within the negative side but on the contrary, crossing above the moving averages could hit the resistance levels of $66,000, $68,000, and $70,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the bulls are seen coming back into the market as the bulls are trying to defend the $59,000. However, the $62,000 and above may come into play if the bullish momentum increases within the market movement.
However, if the sellers hijack the current movement and push it downward, traders may expect a cross below the 9-day and 21-day moving averages; breaking this barrier could further allow the bears to hit the support level of $56,000 and below. At the moment, the Relative Strength Index (14) signal line is seen moving in the same direction below 50-level, suggesting a sideways movement.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more:
