Bitcoin (BTC) Price Analysis – $900 Daily Cut Send Bitcoin Straight To $6800, Expect More!
Login

Bitcoin (BTC) Price Analysis – $900 Daily Cut Send Bitcoin Straight To $6800, Expect More!

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
Finally, Bitcoin has cleared the $7300 low few hours ago and now we are facing the $7000 support, which is most likely to break soon. The bears are still dominant in the market and due to that, we can expect more colossal drop in the next three few hours. Despite the monthly dip, BTC dominance remains above 66% but the entire crypto market has witnessed a massive decline.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $7300, $7500
Key support levels: $6800, $6500

Following the weekly price drop, Bitcoin is now trading close to the channel’s lower boundary that has been forming since June. The sellers are still much around as Bitcoin is likely to bottom at $6500. But currently, the market is sitting on $6800 support after plummeting all the way from $7700 today. The recent surge has led the technical indicators at their lowest levels, keeping traders abreast more potential sell-off in the market.

BTCUSD, Daily Pice Chart – November 22

However, Bitcoin may climb back if the price keeps respecting the five months descending channel. A retracement level lies for Bitcoin at $7300 and $7500 resistance. The bearish scenario might get worse if the market slips beneath the channel. For now, Bitcoin is gathering momentum for the next colossal drop which could play out before the close the US session.

Bitcoin (BTC) Price Analysis: 15MChart – Bearish

From the $6800 low, Bitcoin has seen a little gain to where it’s currently trading at $7179. The retracement might reach $7350 resistance if the bulls can push the market further. Even though buying pressure increase, there’s a high probability for a bearish take-over at the pennant resistance (white) before witnessing a massive decline to $7000, $6800 and beyond.

BTCUSD, 15M Price Chart – November 22

A successful break above the white resistance line may see Bitcoin through to $7500 and $7700 resistance zones, where BTC records the daily high. A further buy could lead to more bullish sentiment. With the current market condition, there’s a more fall ahead for Bitcoin. As we can see, the RSI is now facing resistance at 50 levels after a slow positive rebound. However, selling could get severe if the MACD continues to turn away at the zero levels.

BITCOIN SELL SIGNAL

Sell Entry: $7188
TP: $6500
SL: 7211

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News