Bitcoin Bear Conquered the Bitcoin Bull This Time?

 2021-11-16 08:20:43

The price of Bitcoin stayed above $66,000 in the morning but lost $3,000 points at the end of the day on Nov. 16(UTC time). This tells the volatility of the market again. Now Bitcoin is trading around $60,800, testing the support line $60,000 many times today.


From the hourly chart, it is obvious that $60,000 becomes a key support line while $64,000 is the resistance line. Bitcoin is hovering around $60,000 and it seems it would struggle for a while.


If Bitcoin does not dip below $60,000 today, it might rebound a bit and close the day around $61,500. However, if the bearish sentiment is heavier this time, the price may decrease more and trade at $59,5000. According to the chart pattern, Bitcoin could keep correcting for one or two days before dropping below $60,000.


Technical indicators:

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

Hourly RSI – The RSI is now in the oversold zone.

Major Support Levels – $60,000, followed by $59,500.

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


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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