BTC/USD
Medium-term Trend: Ranging
Resistance Levels: $6,800,
$6,900, $7,000
Support levels: $4,500, $4,400, $4,300
Support levels: $4,500, $4,400, $4,300
Yesterday, November 21, the
price of Bitcoin was in a sideways trend. On November 20, the digital currency
fell to its low at $4,534.90 and commenced a range bound movement above that
price level. The price above $4,500 has been sustained in the last three days.
The appearance of Doji and spinning tops candlesticks describe the indecision
of buyers and sellers at this price level.
Meanwhile, the price of
Bitcoin is below the 12-day EMA and the 26-day EMA indicating that price is in
the bearish trend zone. The MACD line and the signal line are below the zero
line which indicates a sell signal. From the price action, if price is resisted
by the EMAs then the crypto's price is likely to fall. On the other hand,
if price breaks the EMAs, the crypto's price is likely to rise.
BTC/USD Short-term Trend: Ranging
On the
1-hour chart, the price of Bitcoin is in a sideways trend. The price of the
digital currency broke the 12-day EMA and the 26-day EMA as price moves to the
bullish trend zone. The crypto's price now fluctuates below and above the EMAs.
Price is presently below the exponential moving averages.
The views and opinions
expressed here do not reflect that of BitcoinExchangeGuide.com and do not
constitute financial advice. Always do your own research.
Source: https://bitcoinexchangeguide.com
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