Bitcoin Price Prediction – November 1
The Bitcoin price rebounds from the early dip at $59,500 as the buying interest may increase on approach to $65,000.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $55,000, $53,000, $51,000
BTC/USD is ranging as the market establishes a cross above $62,000 but currently rebounding to retest previous resistance at $63,000. The buyers may continue to look for some resistance levels above the moving averages on its way to the upper boundary of the channel and the path of least resistance appears to the upside in the near term amid a favorable bullish technical setup.
Bitcoin Price Prediction: BTC Price May Reclaim $63,000 Resistance
In the past few hours, after the Bitcoin price touches the daily low of $59,500, the king coin is now facing the resistance level of $62,500 and looking forward to reclaiming the resistance level of $63,000. However, the daily chart reveals that if the 9-day moving average remains above the 21-day moving average, this will confirm the next direction that the coin will follow. In other words, BTC/USD may decline if the $59,000 support breaks down but the price could rise if the $63,000 resistance is reached.
At the time of writing, the technical indicator Relative Strength Index (14) may likely cross above 60-level to indicate a bullish movement. Therefore, if the Bitcoin price stays above the 9-day and 21-day moving averages, it could hit the resistance levels of $68,000, $70,000, and $72,000 but any movement below the 9-day and 21-day moving averages could hit the supports at $55,000, $53,000, and $51,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen sliding below the 9-day and 21-day moving averages as the technical indicator Relative Strength Index moves below 50-level. From above, if the Bitcoin price moves above the 9-day and 21-day moving averages, the bullish influence could spike and the accrued gains massively.
However, the current candle could fail to cross above the upper boundary of the channel and the ultimate target remains at $59,000 and below. Nevertheless, the best the bulls can do is to hold above the resistance level of $62,000 and keep their attention on breaking the potential resistance at $63,000 and above.
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