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Bitcoin (BTC) Daily Price Forecast – November 22

Posted In: Forex Trading   Posted On: 2018/11/22 08:04 AM    Posted By: ituglobal

BTC/USD Medium-term Trend: Ranging


Resistance Levels: $6,800, $6,900, $7,000
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 and do not constitute financial advice. Always do your own research.



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