BITCOIN PRICE ANALYSIS & PREDICTION (November 29) – BTC Extends Consolidation Amid Low Volume, Signals Potential Divergence

2023-11-30 14:18

Since Bitcoin tested the upper boundary of its channel this month, the volatility dropped as it entered a consolidation phase. It is still trying to regain momentum on a daily but lacks enough volume to sustain the rally.

Bitcoin’s consolidation phase extended this week amid low volatility. The trend is still in favour of the bulls but it appears they may lose control very soon due to recent weakness in buying pressure.

Despite that, the leading cryptocurrency has managed to tap $38,414 despite facing multiple rejections since it tested the channel’s upper boundary earlier this month.

Looking at the price and volume disagreement, which suggests a potential shift in trend towards the downsides, BTC is likely to witness a bearish divergence (as a correction) any moment from now.

While anticipating, it has seen a 1.5% drop to the low of $36,707 today. The price recovered quickly and climbed back above the key $37,000 level.

A strong close below last week’s low would confirm the potential shift on the daily chart. If that happens, the channel’s lower boundary would be the area to watch for selling.

However, it is essential to note that the price is still respecting an ascending channel as shown on the daily chart. A surge above this channel will set a fresh bullish tone for Bitcoin in the mid-term.

Bitcoin’s Key Levels To Watch Source: TradingView

In the case of breakdown, the channel’s lower boundary would be the main target in the near term. But before then, $36,729, $35,670 and $34,578 are the key support levels to first watch for a drawdown.

On the other hand, a push above the $38,000 resistance level could recover the price back to $38,414. A spike from there could allow the asset to test $39,000 and $40,000, above the channel.

Key Resistance Levels: $38,000, $38,414, $39,000

Key Support Levels: $36,729, $35,670, $34,578

Spot Price: $37,100 Trend: Neutral-Bullish Volatility: Low

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: iloveotto/123RF // Image Effects by Colorcinch

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 96911.65 (-0.05%)
Объем 24H $40.666b
Изменеия 24h: -0.44 %, 7d: -5.68 %
Cегодня L: $96041.94 - H: $97458.26
Капитализация $1918.814b Rank 1
Цена в час новости $ 37852.51 (156.02%)

bitcoin consolidation volume entered enough phase sustain

Источник: nulltx.com

bitcoin consolidation → Результатов: 126


Bitcoin Will Move Like a “Bulldozer” Once It Gains Momentum, Claims Analyst

Bitcoin’s price appears to have entered yet another consolidation phase as it trades between $11,400 and $11,600 Its present lack of momentum comes close on the heels of the strong move higher that it posted last week The resistance above its current price level is quite intense, and this may mark an attempt from bulls to garner greater buy-side support Where the market trends in the mid-term will likely depend largely on whether Bitcoin’s consolidation […]

2020-10-15 21:00


Фото:

Sunday Digest: Bitcoin Price Consolidation, And The SEC Spoils The Party

Japan was hit by Typhoon Hagibis this weekend, causing devastation and affecting both the Japanese Grand Prix and Rugby World Cup. So what has been causing devastation and affecting bitcoin and cryptocurrency markets for the past week? Bitcoin Price: Consolidation Station So it seems we are back in a consolidation phase, albeit around the lower underlying price point of $8k.

2019-10-14 19:00


Bitcoin Cash (BCH) Daily Price Forecast – October 10

  BCH/USD Medium-term Trend: Ranging Supply zones: $800, $900, $1000 Demand zones: $300, $200, $100 BCH still remains in consolidation in its medium-term outlook. $517.70 in the demand area was the low the cryptocurrency attained as the bearish pressure within the range continues before the end of yesterday session. The 4-hour opening candle at $520.50 […]

2018-10-10 21:01


Фото:

Bitcoin Price Analysis: Potential Reaccumulation Could Test Bear Trend

Last week, after a devastating move that shook the market violently up and down for a 7% move in just a few short minutes, bitcoin saw a major sign of strength as it proceeded to have a slow, but steady markup where it managed to establish a local high in the $6,800s:Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to MarkupThis shakeout forced the market to temporarily establish a new monthly low in what could be argued to be a stop-hunt prior to the move to the $6,800s.

2018-9-24 21:29


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

TRON (TRX) reaches a new all-time high after nearly 7 years

TRON (TRX) reached a new all-time high at $0. 41, nearly seven years after the first time it registered its last price peak, according to TradingView data. The new all-time high comes after a 81% price leap over the past 24 hours, making TRX the 10th largest crypto by market cap.