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Bitcoin Price Prediction – November 11
The Bitcoin price prediction shows that BTC is expected to break out from the current short-term pattern and move towards the $68,000 level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $74,000, $76,000, $78,000
Support Levels: $57,000, $55,000, $53,000
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BTC/USD is currently trading around $65,231 with a 0.49% gain in the past 24-hour. Looking at the daily chart, the Bitcoin price is fighting to stay above the important level of $65,000. More so, for BTC/USD to remain above this level for the past few days, it has made many traders feel that the $60,000 support level could be pretty strong.
Bitcoin Price Prediction: BTC Price Move Sideways
The Bitcoin price touches the daily low of $64,133 today, if the number-one crypto breaks below this level, it could test the next support lines around the 21-day moving average at $62,000 level. Alternatively, Bitcoin has to reclaim the previous resistance level at $69,000 to head upwards. If successful, the primary cryptocurrency could aim at $74,000, followed by $76,000, and $78,000 resistance levels.
However, the technical indicator Relative Strength Index (14) is moving in the range as the signal line remains around 60-level. More so, this means that there may still be a room that could be explored by the bears if crosses below this level. Moreover, the critical supports at $57,000, $55,000, and $53,000 may play out.
On the upside, recovery may not come easy. Therefore, traders must be aware that support will have to be sort for above $65,000 while the buyers may keep their mind towards the resistance levels $74,000, $76,000, and $78,000.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
From a technical point of view, on the 4-hour chart, the technical indicator Relative Strength Index (14) keeps moving below 50-level and this supports the option of some bullish correction. Meanwhile, adding to the above, there is a little bit of bullish divergence on the RSI (14) as the signal line is likely to face the north.
However, if the Bitcoin price breaks below the lower boundary of the channel, the market price may likely reach the supports at $63,000 and below. On the contrary, if the current market value rises above the 9-day and 21-day moving averages, it may likely reach the resistance at $67,500 and above.
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