Bitcoin Technical Analysis November 25th
After about a week of consolidation, Bitcoin (BTC) has started showing short-term upward signals.
Bitcoin has been falling since November 10th after hitting an all-time high of $ 69,000. On November 23, it fell to a local low of $ 55,317.
However, it has since surfaced again and has bounced back from the horizontal support area of $ 56,500. This is also the 0.382 Fibonacci retracement support which adds to its importance.
The RSI is issuing a bullish signal as it has created a bullish divergence. It does this when the price decline is not accompanied by a decrease in momentum.
However, the MACD, which is formed by the short and long term moving averages (MAs), is still falling. This means that the short-term moving average is falling faster than the long-term moving average.
If it does break, the next support is found at $ 53,260. This is the 0.5 fib retracement support when measuring the recent upside move.
BTC / USDT daily chart | Source: TradingView
Descending resistance line
The six-hour chart shows a more bullish outlook. BTC has hit double bottoms that is often viewed as a bullish pattern. There is also a very pronounced bullish divergence (green) in both the RSI and the MACD.
Therefore, BTC is likely to reverse upwards, at least in the short term.
There is a strong resistance at $ 60.733 which also coincides with the resistance line descending. This is also the 0.382 fib retracement resistance and horizontal support area.
Because of the convergence of all of these factors, this is a very strong resistance area. Whether BTC breaks over it or is rejected is likely to determine the direction of the future trend.
BTC / USDT 6-hour chart | Source: TradingView
You can see the BTC price Here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto