Resistance Levels: $6,800, $6,900, $7,000
Support levels: $5,500, $5,400, $5,300

Yesterday, November 15, the price of Bitcoin was in a bearish trend. As the critical support level of $6,000 was broken, the price of Bitcoin is daily getting weaker. From the daily chart, the price of Bitcoin is below the 12-day EMA and the 26-day EMA indicating that price is likely to fall.

The crypto's price is making a series of lower highs and lower lows. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. However, a bearish candlestick is drawn at the lower time frame to determine the duration of the bearish trend.

On the 1-hour chart, the price of Bitcoin is in a bearish trend. A bearish trend line is drawn showing the resistance levels where traders can short their trades. The principle is that if price breaks the bearish trend line and the following candlestick closed on the opposite of it; the current trend is said to be over. From the price action, a bullish candlestick has broken the trend line and the following candlestick closed on the opposite of the trend line. The bearish trend of Bitcoin is said to be terminated.

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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