Bitcoin Price Prediction – November 7
The Bitcoin price is currently trading above the 9-day and 21-day moving averages after the first digital asset recovers from $61,397.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $58,000, $56,000, $54,000
BTC/USD is currently holding above the $62,000 level as the coin prepares for another push higher. Looking at the daily chart, the Bitcoin price is now making an attempt to maintain the bullish movement towards the upper boundary of the channel but may struggle to gain momentum as the entire market’s uptrend stalls.
Bitcoin Price Prediction: Bitcoin Price May Revisit the Upside
The Bitcoin price is currently trading at $62,425 with a gain of 1.44% on the day. The trading is likely to cross above the 9-day and 21-day moving averages as the technical indicator Relative Strength Index (14) prepares to cross above the 60-level. It is important that the bulls reclaim this barrier as this would allow them to focus on higher levels towards $65,000. On the other side, any declines below the 21-day moving average could easily open the way to the south.
Looking at the daily chart, Bitcoin (BTC) is likely to regain ground by moving the market price to the next level. Moreover, any bullish movement towards the upper boundary of the channel may push the price to the resistance level of $68,000, $70,000, and $72,000 while the supports could be located at $58,000, $56,000, and $54,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price crosses above the 9-day and 21-day moving averages as the coin to the upside. Therefore, if the price continues to rise further and move towards the upper boundary of the channel, it could reach the nearest resistance levels at $64,000, $66,000, and $68,000 respectively.
Moreover, if the bears push the coin below the 9-day and 21-day moving averages; it may likely hit the closest supports at $60,500, $58,500, and $56,500. Presently, the technical indicator Relative Strength Index (14) is likely to cross above 50-level to confirm the bullish trend for the market.
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:
Credit: Source link
