Bitcoin Price Prediction – November 13
The Bitcoin price is facing an intense tug of war as bears mount pressure near $37,500, taking the market price back below the 9-day moving average.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $70,000, $72,000, $74,000
Support Levels: $59,000, $57,000, $55,000
BTC/USD is seen dropping from the resistance level of $64,990 as the bulls are still struggling to overcome the important resistance at $68,000. The stagnation near the 9-day moving average shows that the pair is unable to increase volume to keep the market to the upside and overcome key hurdles with confidence.
Bitcoin Price Prediction: Bitcoin (BTC) May Range-bound
This week, after the Bitcoin price touched the high at $69,000, the king coin has not had much action and it is likely to trade within a range. However, support and resistance levels may ensure that the daily charts are not very volatile. More so, the price may challenge the lower boundary of the channel and could reach the nearest support at $63,000 level. However, the sudden drop that occurred a few days ago has brought back the bears to touch the low of $62,300 support zone.
Today, the Bitcoin price couldn’t go higher as it is seen dropping below the 9-day moving average. Although the candle has not yet close and the bulls are unlikely to close above it. More so, should the technical indicator Relative Strength Index (14) stays below 60-level, the Bitcoin price may touch the critical supports at $59,000, $57,000, and $55,000 but on the contrary, staying back above the 9-day and 21-day MAs could meet the potential resistance levels at $70,000, $72,000, and $74,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bears are seen coming back into the market as the bulls failed to defend the $64,500. However, the $62,000 and below may come into play if the bearish momentum increases the market movement.
However, if the buyers hijack the current movement and push it above the 21-day moving average, traders may expect a retest at a $66,000 resistance level; breaking this level may further allow the bulls to touch $67,000 and above. At the moment, the Relative Strength Index (14) signal line is seen moving below 50-level which could give additional bearish signals in the next negative move.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider