Price Analysis

Bitcoin’s Month-Long Plunge Sees a Break; Starts Forming Higher Highs

BTC is driving the market towards its weekly high as it is heading to cross $7800 with a positive bias. The leading crypto coin had started an uptrend around five days ago when the price faced bottom well below the key support levels. Now, when Bitcoin is recovering its loss of valuation, it is to be seen how the crypto market paces up with the bulls.

Bitcoin Price Prediction

November started on a bearish note as the coin was already below the psychological support price level of $10,000. Considering its current trend, Bitcoin is likely to take a substantial time to trade above $10k. The coin started a steady fall a week after it opened at $9144.33. For around two days, BTC price had consolidated at the Fib retracement level of 23.60%.

Gradually, Bitcoin price kept tumbling below crucial support levels and found an initial bottom at $7122.63, starting an inverted head-and-shoulder pattern. Later, the coin hit the 90-Day low price mark, where it found a decent support level. Notably, buying here at $6678.58 with a stop loss at $6063.78 can yield a profit of more than 40% if the target price stands above $9402, which is near the 0% Fib retracement level.

Moreover, the inverted head-and-shoulder pattern, along with the slowly up-shifting support levels, indicates an upcoming bullish price trend. Bitcoin is trading at $7736.01 at 04:53:57 UTC today.

Bitcoin Price
BTC Price Chart By TradingView

The technical picture for the coin appears bullish at the moment as Bitcoin’s price trend looks optimistic. The Bollinger bands are moving away from each other, indicating an upcoming volatile phase. RSI, on the other hand, is at 60, showing no extremities. The MACD line is on the upside but is likely to have a crossover soon.

Bitcoin price may see resistance levels at $7,874.69, $7,988.15 and $8,195.11 and support levels at $7,554.27, $7,347.31 and $7,233.85.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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