Bitcoin Price Prediction – November 27
The Bitcoin price retested the $53,642 support level as it is now rising, but it must clear $57,000 and the moving averages for a steady increase.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $63,000, $65,000, $67,000
Support Levels: $46,000, $44,000, $42,000
BTC/USD is currently recovering from the $53,000 support zone but the first digital asset must clear $57,000 resistance above the 9-day and 21-day moving averages to start a fresh increase in the near term. Looking at the daily chart, traders could see that BTC is yet to break above the 9-day moving average. The implication is that the market may drop to retest the $50,000 support. This is possible if the sellers reclaim the $52,000 crucial support level and in most cases, sellers may find penetration difficult at this level.
Bitcoin Price Prediction: Would BTC Climb Higher this time?
As reveals by the daily chart, the Bitcoin price touches the resistance level of $55,316 at the opening of today’s market. In the meantime, traders could see that the Bitcoin price may continue to converge above the key level of $54,000. The Relative Strength Index (14) moves to cross above 40-level in an attempt to probably cross back to the north.
However, the first major resistance is near the $56,000 level while the main resistance is still near the $58,000 level. Therefore, a clear break above the $60,000 level could set the pace for a larger increase to $63,000, $65,000, and $67,000 resistance levels. On the contrary, should Bitcoin price fail to clear the $55,000 resistance, it could start a new decline as the initial support on the downside is near the $53,000 level. If there is a downside break below the $50,000 support and $48,000, the price could start a sharp decline towards the support levels of $46,000, $44,000, and $42,000 respectively.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
The 4-hour chart for BTC is still ranging as the market has been showing a sign of a bullish trend since the daily opening. However, the intraday trading is still looking bullish; following the recent rebound at $53,642 which is now a key support level. The next key support level could be located at $52,500 and below.
However, considering the recent sharp rebound, the Bitcoin price may continue the bullish rally to $56,000 resistance. A climb above the mentioned resistance may further push the BTC price to the resistance levels of $58,000 and above as the Relative Strength Index (14) is seen moving around 40-level, suggesting a bullish movement.
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