Bitcoin Price Prediction November 24

Although the Bitcoin price may have attempted to surpass the 9-day moving mean, it failed to do so.

BTC/USD Long-term Trend : Ranging (Daily chart)

These are the key levels

Resistance Levels: $63,000 - $65,000 - $67,000

Support Levels: $50,000, $48,000, $46,000

BTC/USD currently trades below the 9-day & 21-day moving averages at $56,047. A break above this barrier could have propelled the first digital asset back to bullish domains. A key indicator is poised to break out of the sideways movement, which could lead to a reversal of current bearish price trends.

Bitcoin Price Prediction: Will Bitcoin Fall Below $55,000

Today's trade opened at $54,562. The Bitcoin price is retracing and trading below the 9-day, 21-day moving averages. However, the market price remains below as a sign that there is bullish momentum. A further increase in bullish momentum could push the price higher than the resistance level at $58,000. Above it, there is another resistance at $60,000, before the potential resistance levels of $63,000, $65,000 and $67,000.

However, Bitcoin's price could fall below $56,000 if the support level of $56,000 is not held. This would cause the Bitcoin price to reverse and potentially face an additional support level of $53,000. The technical indicator Relative strength Index (14) is currently moving at 40-level. Crossing below it could trigger sell signals. However, breaking above the moving averages might cause the coin's bullish trend to resume.

BTC/USD Medium - Term Trend: Bearish (4H Chart)

The 4-hour chart shows that the fast-moving 9 day MA is still below the slow-moving 21,-day MA. As a result, the market price trades below the 9-day average as a sign bearish momentum. If the market value of 56159 is not changed, bears could exert pressure to lower the support level, and the price could fall to $54,000 or below.

On the upside, if the bulls push market price over the channel's upper boundary, the resistance level at $58,000 could be breached, and the price could rise to $59,000 or more. The technical indicator Relative strength Index (14) is currently moving towards 40-level. A crossing below this level could indicate a bearish signal.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Fails to Trade Above $57,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-fails-to-trade-above-57000
Published Date: Wed, 24 Nov 2021 15:12:25 +0000