Bitcoin price slips today as the price drops below $6,700. In the coming days, the flagship cryptocurrency may likely create a new low or recover from slippery.
Bitcoin Price Medium-term Analysis
Last week, the price of Bitcoin (BTC) was trading in a bearish trend. On November 22, BTC dropped below $7,000 for the second time in 30 days. Today, November 25, Bitcoin plunged below the $6,800 support level and settled below $6,700, a level last seen on 10 May 2019. Moreover, the coin traded as low as $6,575, which is close to the main bearish target of $6,500 as discussed in the last medium-term analysis.
At the time of writing, Bitcoin price is consolidating losses above $6,600. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,000 level. The market needs to climb above the $7,000 resistance level to start a decent recovery. On the downside, if the bearish pressure persists, the price may perhaps decline towards $6,200.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, the price of BTCUSD is in a bearish trend. Nevertheless, the pair is struggling to correct above $6,700 level. Thus, there remains a risk of another slide or spike towards $6,600 and $6,500 before an upside correction.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $7,000, $7,300, $7,500
- Support levels: $6,600, $6,200, $6,000
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.