Bitcoin Price Prediction November 27

As the first digital cryptocurrency touches the daily high at $55,316, the Bitcoin price is moving in the opposite direction to the USD.

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

These are the key levels

Resistance Levels: $60,000 - $62,000 - $64,000

Support Levels: $48,000, $46,000, $44,000

After yesterday's dip, BTC/USD is now resuming their upward movement. The price has risen from $59194 to $53,533. BTC/USD was at its highest point a few days ago at just over $59,000. Then, it retreated to $53,533 support yesterday. The price of the most popular crypto asset is heading north, as it may move above the 9-day moving mean.

Bitcoin Price Prediction: What could be the next direction for Bitcoin?

The daily chart shows that the Bitcoin price is moving close to the critical levels, which could serve as support zones in case of a reversal. The upside is that the coin is moving and preparing to keep the price above $50,000. Therefore, there is little to stop correction targeting the key resistance at $56,000 as Relative Strength Index (14) crosses above 40-level.

The king coin, however, is counting on the support level at $50,000 to ensure that the Bitcoin price remains above $54,000 despite a reversal. Any further bullish movement could also locate potential resistance levels at $62,000, $60,000 and $64,000, respectively, while support levels could be located at 48,000 and $46,000 and $44,000, respectively.

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

The price is falling as the Relative Strength Index (14), which is a technical indicator, crosses below the 40-level to confirm that it is in a downtrend. Bulls have tried to maintain the upward trend for some time, but the market could experience more downtrends if it remains below the 9-day or 21-day moving averages.

If the price moves towards the channel's lower limit, support levels of $52,000 or below could be in place. If buyers have enough momentum to drive the market, they may be able to push the price towards 21-dsy moving median where it could reach resistance at $57,000.

-------------------------------------

By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Moves Close to $55,000 Resistance
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-moves-close-to-55000-resistance
Published Date: Sat, 27 Nov 2021 21:17:34 +0000