Bitcoin Price Prediction – November 3
As the daily chart reveals, the Bitcoin price is trading near the resistance level of $65,000 as the recovery comes slowly.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $57,000, $55,000, $53,000
At the time of writing, BTC/USD is seen trading at $62,864 after soaring above the 9-day MA and 21-day moving averages in the early hour of today’s trading. The first digital asset is also seen pulling back to where it is currently trading and may likely head downwards if the bears step back into the market.
Bitcoin Price Prediction: Bitcoin (BTC) May Range-bound
On the bullish side, it is important for the Bitcoin price to remains above the 9-day and 21-day moving averages, otherwise, there may come a bearish breakdown when BTCUSD falls below that barrier. The 9-day MA and the 21-day MA are about to cross each other as the technical indicator Relative Strength Index (14) is sending moderate signs where an oscillation to the higher boundary may confirm the proper trend which is more likely a bullish trend at the time of the outcome.
However, BTC/USD will confirm the bullish trend if the market price moves above $65,000. Meanwhile, the Bitcoin price may follow the bearish trend if the price moves back below the moving averages and face the lower boundary of the channel. Should this happen, the king coin may drop to the critical supports of $57,000, $55,000, and $53,000. Otherwise, a strong bullish spike may push the price towards the resistance levels of $68,000, $70,000, and $72,000.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price is currently crossing above the 21-day moving average. If the price continues to rise further and move above the upper boundary of the channel, it could reach the nearest resistance levels at $65,000, $67,000, and $69,000 respectively.
Moreover, if the bears push the coin below the 21-day moving average, the price of Bitcoin may likely reach the closest supports at $61,000, $59,000, and $57,000. Presently, the technical indicator Relative Strength Index (14) is seen moving below the 55-level, crossing above it may confirm the bullish trend for the market.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider