Bitcoin Continues the Correction, Will the Bull Happen Again?

 2021-11-12 09:18:54

It is kind of thrilling to see the Bitcoin price almost break $70,000 but crash to $65,000 instead on Wednesday, November 10.  As discussed in Tuesday's analysis, the price of Bitcoin would either break $70,000 or start a correction at $65,000. Now BTC is trading around $63,800 and below the 100 hourly simple moving average.

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From the hourly chart, we can see that the $62,000 becomes an immediate support line while $65,000 is a resistance line. Under this bearish sentiment, the price might fall again rather than go up. Analysts on Bexplus think that the correction may take a few days. If Bitcoin wants to gain more support, it has to climb above the 100 hourly SMA and $66,000 to start a fresh increase.

 

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI – The RSI is now below the 40-level.

Major Support Levels – $63,500, followed by $62,500.

Major Resistance Levels – $65,000, $65,800 and $66,500.

 

Tips: Quotes are time-sensitive, and please pay attention to take good risk control and make good use of "Take Profit" and "Stop Loss" tools.

 

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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