Bitcoin Price Prediction November 24

Today's Bitcoin price drops as the cryptocurrency crosses below $57,000 and moves towards $55,000

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

These are the key levels

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

Support Levels: $51,000, $49,000, $47,000

BTC/USD continues to fall with a loss of 1.66%. The cryptocurrency is falling below its 9-day and 21 day moving averages, reaching the daily low of $55,875. The resistance level at $58,000 on the daily chart is very important as it could be a strong support for the market's climb to the upside.

Prediction of Bitcoin Price: Bitcoin Price Set to Fall

Bitcoin's price is trading below its 9-day and 21 day moving averages. Support is provided by the lower border of the channel. A break below the trend line could lead to Bitcoin sliding towards $55,000. The king coin is in a critical situation right now, as it could determine the direction it takes over the next few months. A drop below $53,000 could prove to be costly for Bitcoin, as it could cause the first digital asset to reach the support of $51,000, $49,000 and $47,000, respectively.

If buyers are able to rebound from the current level then the first resistance level may be above the 9-day moving mean. Further resistance is expected at $60,000. It could also follow resistance at $63,000, $65,000 and $67,000 levels. The Relative Strength Index (14) currently faces south and is poised to fall below 40-level.

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

The 4-hour chart shows that the Bitcoin price hovers at $56,888. This is because the coin trades near the 9-day moving mean with buyers pushing the price upwards. If the bulls push the market price higher than the upper limit of the channel, however, the coin may encounter resistance at $59,000 or more.

It appears that the cryptocurrency is now readying for the bullish move. However, if the price falls below the 9-day moving mean, the market may reach the nearest support of $56,000. The critical support for the coin could be found at $55,000 if the Relative Strength Index (14) falls below 45.

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By: Azeez Mustapha
Title: Bitcoin Price Prediction: BTC/USD Still Trading Under $58,000
Sourced From: insidebitcoins.com/news/bitcoin-price-prediction-btc-usd-still-trading-under-58000
Published Date: Wed, 24 Nov 2021 19:54:50 +0000