Bitcoin Price Is in a Stalemate as Buyers Fail to Breach $60,000 High

Today, Bitcoin (BTC) is falling after being pushed off at the $60,000 resistance level. The cryptocurrency's price has fallen to a low of $57,318 at the time of writing.

If sellers push the price past the previous low of $55,700, the market will continue to fall to the lows of $54,000 and $51,500. Conversely, if the BTC price falls and rallies above the previous low, it will rise and retest resistance at $60,000. A break above the high at $60,000 will drive the BTC price to the previous high at $67,000. On November 21, buyers failed to sustain the bullish momentum above $60,000 as they were pushed back. BTC/USD is likely to remain in a range between $55,700 and $60,000 for a few more days.

Bitcoin indicator reading

BTC price is at level 41 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the downtrend zone and below the mid-50s. The bitcoin price is still below the 20% range of the daily stochastic. Selling pressure has reached bearish exhaustion. Buyers are expected to emerge to push prices higher. However, the cryptocurrency price is below the 50-day line and the 21-day moving average line, which puts the cryptocurrency price on a downward trajectory.

Technical indicators:  

Major Resistance Levels – $65,000 and $70,000

Major Support Levels – $60,000 and $55,000

What is the next direction for BTC?

On the 4-hour chart, the price of BTC has been in a downtrend. Bitcoin has been moving above the $55,700 support on fluctuating prices. Meanwhile, the price has started a downtrend on November 12. A retracement candlestick has tested the 50% Fibonacci retracement level. The retracement suggests that the BTC price will fall to the 2.0 Fibonacci extension level, or $55,568.30. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

Source: Read Full Article