Bitcoin (BTC) Price Prediction – November 6
Bitcoin price is stuck within a strong resistance zone between $9,150 and $9,550. Correction above $9,350 will stir up action towards $9,800.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $10,000, $10,300, $10,500
Support Levels: $8,850, $8, 650, $8,450
Bitcoin bulls are slowly coming back in action after a minor battering from the bears. BTC/USD explored lows under $9,300 during the Asian trading hours. The price has since adjusted upwards to $9,324. The prevailing trend is bullish while the volatility is expanding. Bitcoin price is currently correcting downwards above the 9-day and 21-day moving averages as it failed to settle at $9,400 and above.
Although the bulls seem to be flexing their muscles upwards, they are also staring into a critical resistance zone at $9,295.46 to $9,392. If Bitcoin bulls manage to clear the above resistance, they are likely to gather overwhelming support to catapult them towards the resistance levels of $10,000, $10,300 and $10,500. The confluence tool shows the existence of mild hurdles between $9,400 and $10,100.
On the downside, the beginning of the resistance zone $9,296 is playing a double function as a support. So, in the case of a reversal and extended declines, BTC/USD price may likely find supports at $8,850, $8, 650 and $8,450. The stochastic RSI continued to trend in the same direction at the overbought zone with an indication of indecisive in the market.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
The four-hour chart for Bitcoin is still looking bullish, but the market has been showing a sign of weakness since the daily opening. However, the intraday trading was looking bullish; following the recent rebound at $9,306 which is now a key support level. The next key support levels are $9,150, $9,050 and $8,900.
However, considering the recent sharp rebound, the Bitcoin price may re-enter the bullish rally to $9,400 resistance. A climb above the mentioned resistance may further push BTC price to $9,450, $9,550 and $9,650 resistance levels. As it appeared now, it seems the bears are returning in the market as the RSI (14) is now revealed in a downward direction after seeing a price reduction, a fall back is likely.
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