Bitcoin Price Prediction: BTC/USD Draws a Bearish Intersection; Tests Support Around $8,358

Bitcoin (BTC) Price Prediction – November 18

BTC/USD is showing signs of more losses below $8,500 and the price could drop towards $8,200 before a decent increase in the near term.

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

Key levels:

Resistance Levels: $9,000, $9,200, $9,400

Support Levels: $7,800, $7, 600, $7,400

Bitcoin price is extending losses and it recently broke the $8,358 support against the USD. At the moment, the price is currently correcting, but the upsides are likely to be capped by $8,500. Yesterday, the market revealed to us some few bearish signs for BTC/USD below the $8,641 resistance when the coin failed to climb above the $8,700 resistance level but later extended its decline below the $8,500 support level.

However, looking at the daily chart, it can be seen that the Bitcoin price is going through a period of consolidation and sits at the lower boundary of the Bollinger bands. The daily trading ranges are tight as the pair moves below the 21-day moving averages but the traders remain undecided about the next move.

Nevertheless, the $8,700 and $8,800 levels may further surface as potential resistance levels should the $8,500 holds. However, a strong bullish spike may likely take the price to $9,000, $9,200 and $9,400 resistance levels. Moreover, if the market keeps following the downtrend, Bitcoin’s price may drop to $8,100 and should this support fails to contain sell-off, the market may further drop to $7,800, $7,600 and critically $7,400.

The RSI (14) continues to face the 40 level, which shows that the price is under an intense bearish action.

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the chart, BTC/USD is clearly facing a lot of resistance near the $8,500 and $8,600 level. A successful close above the $8,400 level is a must for bullish acceleration. If not, there is a risk of a downside extension below the $8,300 support level. If there is a downward move, initial support is near the $8,250 level and the main support is near the $8,150 level, below which there is a risk of another decline towards $8,050.

Furthermore, if there are more gains, the $8,500 level is likely to act as a major hurdle in the near term for Bitcoin. So if there is an upside break above the $8,500 resistance, the next stop for the bulls may perhaps be near the $8,550, $8,650 and $8,750 resistance levels as the RSI (14) is currently sliding below the 40-level.

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