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Bitcoin Price Prediction: BTC/USD Bears Cut Gains; Price May Return to $7,000 Support

Bitcoin (BTC) Price Prediction – November 27

The Bitcoin price is booking a loss with its daily movement as the price faces rejection at $7,155.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $8,000, $8,500, $9,000

Support Levels: $6,200, $5, 700, $5,200

BTCUSD – Daily Chart

During the Asian session today, it can be easily seen that the market is back in the red zone as BTC/USD is posting minor losses of 1.35% on the day after commencing the trading at $7,155. It has an intraday high of $7,171, although the world’s largest crypto is moving towards the support level of $7,000. The on-going trend is bearish according to the cryptocurrency live rates amid high volatility.

However, Bitcoin just plunged below $7,300 one more time, marking $7,077 as the current daily low at the moment. Does this mean that Bitcoin (BTC) is finally leaving the significant $7,300 support level and searching for a new low? Nevertheless, mere looking at the declining daily volume candle, together with the steady but stable recent Bitcoin price action, it can be assumed that a stronger move may be coming up soon into the market.

Moreover, as at the time of writing this article, BTC/USD is struggling to maintain the $7,000 support level and if the coin follows the downward trend, the next supports may likely come at $6,200, $5,700 and $5,200. From the upside, by maintaining the current level $7,077 could send the coin to retest old support turned resistance levels at $7,363. The further movement could go above the upper boundary of the descending channel and the significant 9-day MA to send the price to the resistance levels of $8,000, $8,500 and $9,000 which will be well above the 21-day MA.

The MACD is playing in the negative zone, indicating that the market is revealed in a bearish condition on the daily chart.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

BTC/USD trades within the range of $7,265 to $7,075. Nevertheless, Bitcoin has not yet slipped below $7,000 and is still in the loop of making a bounce back. BTC/USD price hovers around the 9-day and 21-day MA and may take time to persistently trade above the moving averages. At the moment, the Bitcoin price is currently moving around $7,095 level. The upward movement is facing hurdles near the $7,400 and $7,600 resistance level.

BTCUSD – 4 Hour Chart

Furthermore, on the downside, immediate support is near the $7,000 level while the main support is at the $6,800 level. The price might slide sharply below $6,400 which may likely test the main support at $6,200 level. Technically, Bitcoin is poised for more losses in the near-term as stochastic RSI is currently moving within the overbought zone, which may soon be giving some bearish signals.

Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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      Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.