Bitcoin Price Prediction November 29 There has been a noticeable decrease and increase in BTC/USD business operations, as the crypto market trades in the $55,000 area. At the moment, the crypto-economic market trades at a negative rate of 5.38 and is trading around $57,007 levels. This shows that there are still some lowering pressures. BTC/USD Market Key levels: Resistance levels at $60,000, $62,500 and $65,000 respectively Support levels at $52,500, $50,000 and $47,500 (TAG0)
BTC/USD Daily Chart The daily BTC/USD chart shows that the crypto market trades in the $55,000 area, as there was an upward gap today. This indicates that the market is trying to regain its momentum. The SMA indicator for 14 days is higher than the 50-day indicator. To signify an ongoing upward trend, the Stochastic Oscillators have moved the lines from 20 to 40.

Is it possible that the BTC/USD market price could survive and fall further to $55,000, as the crypto-economic markets trade around it?

It is becoming increasingly uncertain that the southward BTC/USD price movers will be able to survive. They may even collapse further at the $55,000 level as the crypto market trades around them. Although the trade activity is showing an upward gap, there are signs that the price could still fall to the value-line to retest. The buying pressures seem to be increasing and may continue to rise northwards from the value line. Technical analysis shows that the BTC/USD market bears will have to exert more pressures within the market below the trend line of SMA 14-day. The market level of $60,000 will be the limit to pushing the market upwards. If range-bound trading resumes, the value line at $60,000 and the lower level of $55,000 will likely serve as zones to represent the presumed ranging moves.

BTC/USD 4-hour Chart

BTC/USD 4-hour chart shows that crypto market trades at around $57,500. This is close to the $55,000 level on the long-term chart. The trend line for the 50-day SMA is higher than that of the SMA trend lines for the past 14 days. To help the market continue on its southward trend, the bearish channel trend lines were drawn. The Stochastic Oscillators appear to be in the overbought area, trying to close the gaps within it. This means that the crypto economy tends not to move at a steady pace for quite a while.

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By: Azeez Mustapha
Title: Bitcoin (BTC/USD) Market Trades at $55,000 Zone
Sourced From: insidebitcoins.com/news/bitcoin-btc-usd-market-trades-at-55000-zone
Published Date: Mon, 29 Nov 2021 13:58:11 +0000