Bitcoin Price Analysis (BTC) – November 7
The RSI indicator is currently moving sideways for the past few days now, reflecting that the Bitcoin price is in a consolidation mode.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $10,000, $10,200, $10,400
Support Levels: $8,500, $8,300, $8,100
Following October 25 bounce, Bitcoin’s price reached $9,568 resistance after breaking the wedge pattern bullishly to the upside on the daily chart. The resistance at the $9,600 was too heavy for the bulls to overcome. Meanwhile, the price is seriously struggling in a consolidation mode on the intraday trading, which has made BTC remain indecisive over the past few days now.
Furthermore, BTC is facing a strong pullback rather than an upside swing. BTC price moves around 9-day moving average but still trading above the 21-day moving average. Meanwhile, $8,500, $8,300 and $8,100 serve as the major support levels, making room for BTC to fall even further. The RSI (14) for the coin is heading below 60 to indicate a further falling of the market. BTC/USD may see resistance levels at $10,000, $11,200 and $10,400.
BTC/USD Medium-term Trend: Ranging (4H Chart)
BTC/USD trades within the range of $9,180 to $9,406. Nevertheless, Bitcoin has not yet slipped below $9,000 and is still in the loop of making a bounce back. BTC price hovers around $9,193 and may take time to persistently trade above $9,500. At the moment, the BTC price is currently moving below the moving averages of 9-day and 21-day. The upward movement is facing hurdles near the $9,400 and $9,600 resistance level.
Furthermore, on the downside, immediate support is near the $9,100 level while the main support is at the $9,000 level. The price might slide sharply below $8,800 which may likely test the main support at $8,600 level. Technically, Bitcoin is poised for more losses in the near-term as RSI (14) is currently moving in sideways and above 40-level.
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