$60K Is away. Is Bitcoin Dropping Further?

 2021-11-23 09:25:14

The Bitcoin price is trading below $56,700 and the 100 hourly simple moving average at the time of writing. From the hourly chart, it can be seen that Bitcoin tested the $55,000 support line and keep trading above it. Bitcoin started a fresh decline from $59,500 yesterday(Nov. 22, UTC time) and is struggling at the range of $57,000 - $55,300 now, the floating profit is huge if the short-term investors predict the trend correctly.

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Now that $58,000 becomes a strong resistance line for Bitcoin to recover. If Bitcoin can stay above $55,000, the correction may take shorter. However, if Bitcoin fails to break the $58,000, it could hover around $56,000 - $57,000.

 

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

Hourly RSI  – The RSI is below the 50-level.

Major Support Levels – $55,200, followed by $55,000.

Major Resistance Levels – $57,500, $58,000 and $60,000.

 

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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