Bitcoin Price Prediction, Buying seen during Dips

Key Takeaways
  • Bitcoin initiated a new decline following news of Binance's settlement and CZ's resignation.
  • Bitcoin is trading below $37,000 and the 100-hourly simple moving average.
  • BTC price may face challenges in the short term, yet downturns could be appealing to bullish investors.
22-11-2023 By: Lokesh Gupta
Bitcoin Price Prediction, Buying seen during Dips

Bitcoin holds $35,500 support; dips could attract buyers.

  • Bitcoin's recent climb has faced barriers near the $38K threshold.

  • Bitcoin prices saw a decline today following the release of the latest FOMC minutes.

  • Buyers anticipate initial support at the mid-boundary of the ascending channel on the long time frame work and the $35,00 support zone.

Technical Views:-

  • According to Coingabbar Technical Analysis, Triple-top pattern identified, signaling a bearish outlook.

  • Extended bearish divergence between price and RSI signals short-term decline, reflecting weakened bullish momentum.

  • Bitcoin price retraced to the lower side of the ascending channel before rebounding on the 4-hour chart.

  • A Bearish Engulfing pattern emerged on the daily BTC chart, suggesting weakness.

  • Bitcoin is trading between key levels: seller congestion at $38,000 and support at $36,000.

  • Trading on either side of this range holds the potential for bullish or bearish outcomes for BTC.

KEY LEVELS :

RESISTANCE LEVEL : $37,000-$37,500

SUPPORT LEVEL : $36,300-$35,700

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

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