Bitcoin (BTC) Price Prediction – November 3
Bitcoin is currently trading at $13,773 after slipping below $13,300 at the beginning of today.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $14,500, $14,700, $14,900
Support Levels: $13,000, $12,800, $12,600
BTC/USD is currently pushing higher as the latest move marks an upwards break of the consolidation phase seen as of late, but it is important to note that it has not led BTC past any key technical levels. Looking at the daily chart technically, BTC/USD has been making an attempt to maintain the bullish movement over the past few days but struggling to gain any momentum as the entire market’s uptrend stalls.
What to Expect from Bitcoin (BTC)
BTC/USD is trading up marginally above its current price of $13,773. Although this only marks a slight climb from where it has been trading throughout the past several hours but it is important to note that this seems to mark a bullish break above the 9-day and 21-day moving averages.
Meanwhile, as the technical indicator RSI (14) moves within the overbought region, a continuous bullish movement within this zone could locate the potential resistance at $14,500, reaching this may also allow for an extended recovery towards $14,700 and $14,900 respectively. However, if the technical indicator leaves the overbought zone, the market may experience a serious downward movement which may force the Bitcoin price to move towards the support levels of $13,000, $12,800, and $12,600.
BTC/USD Medium-Term Trend: Bullish (4H Chart)
According to the 4-hour chart, BTC/USD must remain above the 9-day and 21-day moving averages to mitigate the short-term bullish pressure and allow for an extended recovery towards $14,000. In addition, a higher resistance level may be found at $14,150 and above.
In other words, the nearest support is below the moving averages at $13,500, and a sustainable move below this level may increase the downside pressure to the support level of $13,400 and below. Meanwhile, the technical indicator RSI (14) is staring at the upside, as the signal line aims to cross above the 60-level.