Bitcoin Price Retraces for More Gains
The price of Bitcoin (BTC) is rising and approaching the psychological milestone of $40,000. Bitcoin price analysis by Coinidol.com.
On November 9, the largest cryptocurrency rose to a high of $37,978 before falling well above the support level of $36,000.
Bitcoin price long-term forecast: bullish
After reaching a new high, the subsequent upward movement has been halted by resistance at $37,500. In other words, Bitcoin is currently trading between $36,000 and $37,500.
On November 9, the bulls were close to breaking through the $38,000 resistance level but were beaten back. Bitcoin will continue to rise if buyers break through the $37,500 and $38,000 barrier. The uptrend continues and will reach a high of $40,000. The Bitcoin price is currently in retreat, reaching a low of $36,879. The risk of Bitcoin collapsing increases if the price declines and falls below the support level of $36,000. In this case, the Bitcoin price would fall to a low of $34,000.
Bitcoin Indicator Reading
The price bars on the 4-hour chart have broken below the 21-day SMA but above the 50-day SMA. The Bitcoin price is expected to move between $36,000 and $37,500. In other words, if the price falls below the 21-day simple moving average, the bearish momentum will extend to the 50-day simple moving average.
Technical indicators:
Key resistance levels – $30,000 and $35,000
Key support levels – $20,000 and $15,000
What is the next direction for BTC/USD?
Bitcoin is on the retreat after hitting a high of $37,978. The extent of the pullback is unknown. The uptrend will resume when it retraces and finds support above the moving average lines. The uptrend will continue as long as the price bars are above the moving average lines.
Just a week ago Coinidol.com reported that analysts expect Bitcoin to rise to a high of $40,000 if current resistance levels are broken.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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