Resistance Levels: $6,800, $6,900, $7,000
Support levels: $4,200, $4,100, $4,000

Yesterday, November 22, the price of Bitcoin was in a sideways trend. The digital currency is still in its range bound movement. A bullish candlestick tested the 12-day EMA but could not break through. A bearish candlestick tested the 12-day EMA and was resisted and price fell again. The bears have succeeded to break the $4,500 price level.

The price of Bitcoin is likely to find support at $4,000 price level. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall. Also, the MACD line and the signal line are below the zero line which indicates a sell signal. Traders should exit their long trades until the  bearish pressure is exhausted.

On the 1-hour chart, the price of Bitcoin is in a sideways trend. On November 22, a bearish candlestick was resisted by the 12-day EMA and the $4,500 price level was broken to the downside . Meanwhile, the price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.

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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