Bitcoin Price Prediction: BTC/USD Retraces Below $55,000
Bitcoin Price Prediction – November 28
The Bitcoin price indicates bearish momentum as reveals by the daily chart and the bullish momentum seems to be lost.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $60,000, $62,000, $64,000
Support Levels: $49,000, $47,000, $45,000
At the time of writing, BTC/USD keeps hovering below the 9-day and 21-day moving averages at $54,330 and there have been instances when BTC has tried to move towards the 9-day moving average but the bearish pressure restricted the coin to follow the bullish movement. At the time of writing, the path of least resistance is still downwards and the daily chart shows that the formation of a bearish may come to play.
Bitcoin Price Prediction: BTC Price May Remains at the Downside
As the daily chart reveals, the Bitcoin price may continue to move at the negative side as the king coin remains below the 9-day and 21-day moving averages. Looking at the technical indicator, the Relative Strength Index (14) is seen moving around 40-level and with the look of things, BTC/USD is likely to create more downtrends if the signal line crosses below 40-level.
On the upside, recovery may not come easy as the support will have to be sorted for above the upper boundary of the channel. Meanwhile, a sustainable move above the 9-day moving average and this could locate the resistance level of $58,000, which may allow the Bitcoin price to move towards the resistance levels of $60,000, $62,000, and $64,000. However, an increase in selling pressure across the market could force the Bitcoin price a painful path towards the supports at $49,000, $47,000, and $45,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is now trading below the 9-day and 21-day moving averages. BTC/USD may not be able to survive the $54,000 support as the coin may create a monthly low. However, BTC/USD is likely to return to the bull market if the price breaks above the 9-day and 21-day moving average. Meanwhile, higher resistance could be located at the $57,000 and above.
On the other hand, as the technical indicator Relative Strength Index (14) moves to cross below 40-level, if the bearish movement continues, the support level of $53,000 may not be able to hold the selling pressure. More so, BTC/USD is likely to fall to $52,500 and below if the remain at the downside.
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