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.
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.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $60,000 and $55,000
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.