Bitcoin Price Analysis (BTC) – November 21
In the past 24 hours, BTC/USD has not really made any major impact; the value is still lagging behind the $8,200 price level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Supply Levels: $8,400, $8,600, $8,800
Demand Levels: $7,600, $7,400, $7,200
The price of Bitcoin might have faced a little setback for now but this is not going to be a permanent one. The coin may likely have a bullish run in the short-term and this price rally like the trades of October 25 – 27 could help the coin to reach its monthly high one more time or even beyond. Currently, BTC/USD is trading around $8,100 level and still under the moving averages of 9 and 21 days, although, the bulls are making effort to push the price upward and the pressure coming from the bears may not allow let them.
However, looking at the daily chart, $7,600, $7,400 and $7,200 serves as the major demand levels, making room for the coin to fall even further as the RSI (14) indicator for the coin is less volatile and it’s indicating a sideway price movement as the signal line moves below 40-level. Therefore, once the upward movement started, BTC/USD may see a supply level of $8,400, $8,600 and $8,800.
BTC/USD Medium-term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is moving within the range of $8,060 to $8,134. Nevertheless, BTC/USD has not yet slipped below $11,000 and is still in the loop of making a bounce back. BTC price hovers around $8,000 and may take time to persistently trade above this price level. At the moment, BTC price is currently moving around $8,085 level.
However, for the upward movement; the bulls will need to move the coin above the 9-day moving average which may take the price towards the $8,200 and $8,300 supply levels. On the downside, the price might slide sharply below $8,030 which may likely test the main demand at $8,000 level and below. Technically, Bitcoin may likely follow an upward movement in the near-term as RSI (14) is currently moving out of the oversold zone and trading in sideways, which indicates an indecisive movement in the market.
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