Bitcoin in Short Rally, Faces Strong Rejection at $68,000 Resistance

In the last 48 hours, the Bitcoin (BTC) price has made impressive moves, rising to a high of $68,000.

Bitcoin (BTC) price long term: bullish

Today, November 11, the price of BTC has fallen and is consolidating above the $64,000 level. However, buyers were unable to keep the BTC price above the high of $68,000 as they were rejected twice. As a result, the bitcoin price fell to a low of $62,866 and moved above the breakout level. 

It is likely that bitcoin bulls will continue their upward movement to retest or break through the $68,000 resistance. This is possible if the current support above $64,000 holds. On the other hand, if the bears break the current support, the market could fall to the $60,000 price level. In other words, Bitcoin will be forced into the former range zone between $60,000 and $64,000.

Bitcoin (BTC) indicator reading  

Bitcoin has fallen to the 58 level of the Relative Strength Index for the 14 period. Despite the retracement, Bitcoin is in the bullish trend zone and is capable of further upward movement. The price of the cryptocurrency is still above the moving averages, which indicate that the market could rise. The cryptocurrency is above the 30% area of the Stochastic on the daily chart. However, the stochastic bands are sloping horizontally.

Technical Indicators: 

Key resistance levels - $65,000 and $70,000.

Key support levels - $60,000 and $55,000

What is the next direction for BTC/USD?

On the 4-hour chart, Bitcoin is in a downtrend but consolidating above support at $64,000. The upside move depends on buyers defending the current support. Meanwhile, the candlestick tested the 78.6% Fibonacci retracement level on November 10. The retracement suggests that BTC will fall but reverse a level of 1.272 Fibonacci extension or $61,353.10.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.