Bitcoin (BTC) Daily Price Forecast – November 21

2018-11-21 09:01

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $4,500, $4,400, $4,300

Yesterday, November 20, the price of Bitcoin is in a bearish trend. On November 19, the crypto’s price was resisted by the 12-day EMA and price fell to the low of $4,510.20. The bears have temporarily suspended bearish pressure as the bulls take control.

Meanwhile, the price is below the 12-day EMA and the 26-day EMA indicating that price is in the bearish trend zone. The MACD line and the signal line are below the zero line which indicates a sell signal. Traders are to look out for buy setups so as to initiate long trades as the price has reached the  oversold region.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. The crypto’s price fell to the low above the $4,500 price level and commenced a range bound movement. The digital currency has broken the 12-day EMA and the 26-day EMA and pulled back. If price breaks the EMAs and remains above it there is the tendency to resume its uptrend movement. Meanwhile, the price is neither below nor above the 12-day EMA and the 26-day EMA indicating a sideways trend.

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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