Bitcoin Is Trading Sideways, How Long Will It Last?

 2021-11-04 06:57:49

$64,000 could be a near-term target price of Bitcoin. Now the price of Bitcoin is hovering around the range between $60,000 and $63,500. And $63,500 is a strong resistance line while $60,000 is a precarious support line.


From the hourly chart above, it can be found that BTC closed at $60,399 yesterday. Bitcoin could start a further down rally if Bitcoin fails to close the day above $60,000 today. 

However, from the 100 hourly simple moving average, BTC might just keep trading around the line. That said, it might not be able to break $64,000 today and we need to see another day.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now below the 50-level.

Major Support Levels – $62,000, followed by $60,500.

Major Resistance Levels – $62,600, $63,500 and $64,000.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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