Bitcoin Price Prediction: BTC/USD Moves Close to $55,000 Resistance
Bitcoin Price Prediction – November 27
The Bitcoin price is moving against the USD as the first digital crypto touches the daily high of $55,316.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $48,000, $46,000, $44,000
BTC/USD is resuming its upward movement after a dip of yesterday bringing the price from $59,194 to $53,533. A couple of days ago, BTC/USD hit just over $59,400 before retreating to a local low of around $53,533 support yesterday. However, the price of the leading crypto asset is now heading towards the north as its price may cross above the 9-day moving average.
Bitcoin Price Prediction: What Could be the Next Direction for Bitcoin?
According to the daily chart, the Bitcoin price is seen moving near the crucial levels which may now function as the support zones in the event a reversal occurs. On the upside, as the coin moves and prepares to keep the price above $50,000 level Therefore, little is in place to prevent correction targeting the key resistance of $56,000 as the technical indicator Relative Strength Index (14) moves to cross above 40-level.
However, the king coin is banking on the support at $50,000 to ensure that in spite of a reversal, the Bitcoin price stays above the $54,000 level. Similarly, any further bullish movement could locate the potential resistance levels at $60,000, $62,000, and $64,000 while the support levels could be found at 48,000, $46,000, and $44,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart shows that the price is on its way down as the technical indicator Relative Strength Index (14) is seen crossing below 40-level to confirm the downtrend. Although bulls have been trying to keep the upward movement for some time now but the market may likely experience more downtrends if the price remains below 9-day and 21-day moving averages.
Meanwhile, the support levels of $52,000 and below may come into play if the price breaks toward the lower boundary of the channel. But if the buyers can gather enough momentum to power the market; they can push the price towards the 21-dsy moving average where it could hit the resistance level of $57,000 and above.
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:
