Bitcoin (BTC) Price Analysis – November 12

Azeez Mustapha
  • The price of Bitcoin finds support at the $6,400 price level.
  • Bitcoin price will revisit the lower level of the price range if sellers are in control.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $7,200, $7,300, $7,400

Support levels: $6,300, $6,200, $6,100

Last week the BTCUSD pair was in a bullish trend. The crypto faced resistance at the $6,600 price level and the digital currency saw a downtrend trend. It was suggested that if the crypto’s price broke the $6,400 price level, bitcoin would slide into the critical support level. On November 9, the crypto’s price fell to the $6,418.70 price level and commenced a bullish movement.

The bulls resisted the bears from encroaching at the lower level of the price range. On the other hand, if sellers are in control, the digital currency will find support at either $6,200 or $6,000. Nevertheless, from the price action, the digital currency is below the 12-day EMA and the 26-day EMA which indicates that the price is in the bearish trend zone. The BTC price may likely revisit the lower level of the price range. 

The Stochastic indicator is in the range above 40 which indicates that the momentum is increasing on the upside.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, the BTC price is in a bullish trend. The Stochastic is in the range below 80 which indicates a buy signal and the momentum of price is increasing on the upside. Meanwhile, the price of Bitcoin is still below the 12-day EMA and the 26-day EMA which indicates that the price is in the bearish trend zone.

 

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