Bitcoin Struggles below $66,000 Resistance, Targets the $68,000 High
Bitcoin (BTC) price has risen above the $64,000 support and resumed its upward movement. Today, the market has risen to $65,737 at the time of writing.
The upside move is being hindered by sellers around resistance at $66,000. If the buyers overcome the initial resistance at $66,000, the BTC price will retest the higher resistance at $68,000. It should be noted that buyers retested the overhead resistance twice on November 9 and 10. The bulls were unable to keep the BTC price above this resistance. The bulls have a difficult task ahead if they break above the $66,000 and $68,000 resistances. Bitcoin will rally above the psychological price level of $70,000 if the buyers are successful above the resistances.
Bitcoin indicator reading
Bitcoin price bars are above the moving averages, which are the key determinants of the uptrend. The 21-day moving average line serves as a support level for prices. The cryptocurrency is at the 60 level of the Relative Strength Index for period 14. Bitcoin has room for an upside rally. The moving averages of the 21-day line and the 50-day line are in an ascending channel to the north.
Technical indicators:
Major Resistance Levels – $65,000 and $70,000
Major Support Levels – $60,000 and $55,000
What is the next direction for BTC?
On the 4-hour chart, BTC price is breaking out above the moving averages. However, the uptrend is in danger of failing at the resistance zone at $66,000. However, if the BTC price falls and drops below the support at $63,000, the Fibonacci tool analysis could kick in. Meanwhile, the candlestick tested the 61.8% Fibonacci retracement level on November 10. The retracement suggests that the BTC price will fall to the 1.272 Fibonacci Extension level or $61,353.
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. Readers should do their own research before investing funds.
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