Bitcoin (BTC) Price Prediction – November 30
BTC/USD is likely forming a bullish pattern above $7,400 and the coin could soon rally towards $8,000 once it clears the $7,800 resistance level.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $8,500, $9,000, $9,500
Support Levels: $7,000, $6, 500, $6,000
The price of Bitcoin might finally be able to surge back to the $8,000 level. The number one cryptocurrency has entered a buying trend, which means that traders should be very careful about shorting BTC’s recent price recovery. Yesterday, BTC/USD climbed above the key $7,300 and $7,400 resistance levels. Moreover, there was a close above the $7,400 level and the 9-day moving average. More so, the cryptocurrency market is mostly in the red on Saturdays.
However, the Bitcoin bulls are flexing their muscles in readiness for a barrier-breaking mission to $8,000. The immediate upside is limited by the resistance at $7,800. Although, BTC/USD hit highs around $7,865 on Friday before retracement kicked in. Bitcoin is also trading in the apex of a rising wedge pattern which hints a breakdown towards $8,000. To avert the impact of the wedge pattern, BTC must correct above $8,000 level.
Currently, the market price for BTC/USD and the daily candle is trading at $7,747 and about to touch the 21-day MA. The next resistance levels lies at $8,500, $9,000 and $9,500. However, if BTC price failed to move up; we may see a price cut to $7,500 vital support. A further low drive could send the price to $7,000, $6,500 and $6,000 supports. For now, the bulls are still defending critical support. But as things stand, the BTC/USD price is rising while the stochastic RSI is moving into the oversold condition.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
BTC/USD trades within the range of $7,763.38 to $7,723.22. Nevertheless, Bitcoin has not yet slipped below $7,000 and is still in the loop of making a bounce back. BTC/USD price hovers above the 9-day and 21-day MA and may take time to persistently touch the resistance level of $8,000. At the moment, the Bitcoin price is currently moving around $7,745 level.
On the downside, the immediate support is near the $7,600 and the price might slide sharply below $7,600 which may likely test the main support at $7,500, $7,000 and $6,500 levels. Looking at the chart, BTC/USD is waiting for either a bounce or break as RSI (14) is currently moving in the same direction.
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