Bitcoin Price Prediction – November 17
The Bitcoin price prediction has been facing some mixed price action in recent days, with the crypto seeing multiple strong uptrends and selloffs.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $42,000, $44,000, $46,000
Support Levels: $32,000, $30,000, $18,000
BTC/USD is trading up just above 0.83% at its current price of $36,525, which marks a notable surge from recent lows of $35,883 that were set in the early hours of today. However, the king coin’s strength is showing few signs of degrading, with bulls aggressively buying each dip as bears struggle to gain any momentum. Meanwhile, where the crypto trends in the mid-term will undoubtedly depend largely on whether or not it can touch the resistance level of $37k.
Bitcoin Price Prediction: What to Expect from Bitcoin (BTC)
At the time of writing, the Bitcoin price is trading bullishly, and it is likely to cross above the upper boundary of the channel. Although the current movement marks a meaningful climb from the opening price of $36,225, it is important to note that this could mark a bull-favoring break above the 9-day and 21-day moving averages.
Meanwhile, as the 9-day moving average remains above the 21-day moving average, a sustainable move above this barrier could locate the nearest resistance of $40,000, reaching this may allow for an extended recovery towards $42,000, $44,000, and $46,000 respectively. On the contrary, any bearish movement toward the lower boundary of the channel may force the Bitcoin price to hit the supports at $32,000, $30,000, and $28,000.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, BTC/USD should recover above the 9-day and 21-day moving averages to mitigate any short-term bearish pressure and allow for an extended recovery toward $37,000. A higher resistance may be found at $38,000 and above.
In contrast, the nearest support is located at $36,000, and a sustainable move below this level may increase the downside pressure and push the price toward the support level of $35,000 and below. Considering that the 9-day MA could revert to the upside, therefore, traders might expect that more bullish signals are coming into focus.
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