Resistance Levels: $6,800, $6,900, $7,000
Support levels: $4,500, $4,300, $4,100

Yesterday, November 19, the price of Bitcoin was still in a bearish trend. Yesterday, the price of Bitcoin further depreciated when the price was resisted by the 12-day EMA. On November 14, the digital currency was resisted by the 12-day EMA and the 26-day EMA as the price fell to the low of $5,591.30.

At this low price commenced its range bound movement when it was resisted by the 12-day EMA on November 19. The price fell below the $5,000 price level.Today, the price of Bitcoin is still below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. In addition, the MACD line and the signal line are below the zero line which indicates a sell signal.

On the 1-hour chart, the price of Bitcoin is in a bearish trend. On November 19, the price was resisted by a 12-day EMA and the 26-day EMA and price fell to the low of $4,957.10. Price of Bitcoin has fallen below $5,000 and it is ranging towards the EMAs; probably to test the moving averages. If price breaks the EMAs to the upwards, the price is likely to rise. On the other hand, if the price falls below after testing, the downward trend will continue.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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