Bitcoin Price Prediction – November 6
The Bitcoin price prediction reveals that BTC is showing signs of market correction as its price moves below $61,000 to touch the low of $60,125.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Key levels:
Resistance Levels: $66,000, $68,000, $70,000
Support Levels: $55,000, $53,000, $51,000
BTC/USD is currently trading below the $61,000 level as the price remains below the 9-day and 21-day moving averages. Meanwhile, more consolidations could be coming to play out according to the technical indicator which indicates that the king coin might likely drop more before climbing towards the upper boundary of the channel again.
Bitcoin Price Prediction: Would Bitcoin (BTC) Still Head Upward?
At the time of writing this, the Bitcoin price is changing hands at $39,648, which marks a significant rally below the channel. However, where BTC trends next may depend on whether or not sellers can close today’s candle below the $60,000 level. Meanwhile, should in case this comes to play, it may definitely drag the prices lower. More so, traders may expect the king coin to fall below $58,000 support which could later move towards the critical support levels at $55,000, $53,000, and $51,000.
On the contrary, if the Bitcoin price failed to close below the $60,000 level; the price may cross above the moving averages. Meanwhile, crossing above this barrier could send the price to the resistance levels of $66,000, $68,000, and $70,000. More so, the technical indicator Relative Strength Index (14) is likely to reveal a sign of trend reversal, which shows a possible bearish momentum in the market soon.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $61,284 within the 9-day and 21-day moving averages after a reversal from $60,125 where the market touched today as the Bitcoin price is likely to regain strength by facing the upper boundary of the channel.
However, in as much as the buyers energize the market, they can push the price above the 9-day and 21-day moving averages and this may take the market price to the resistance level of $63,000 and above. Meanwhile, the Relative Strength Index (14) is currently moving below 50- and any bearish movement to the south may bring the price to the support level of $59,500 and below.
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